The invention relates to an electrolyte applicable to a lithium titanate battery. The electrolyte comprises an organic solvent and lithium salt. The electrolyte further comprises one or more of phenylacetylene derivatives which account for 0.05-10wt% of the electrolyte. The structural formula of the phenylacetylene derivative is as shown in the specification, wherein in the specification, R1, R2 and R3 are independently selected from any one of hydrogen, hydroxyl, halogen, alkyl, alkoxyl, halogenated alkyl, halogenated alkoxyl, alkylene, halogenated alkylene, phenyl, halogenated phenyl, biphenylyl, halogenated biphenylyl, phenyl ether groups, halogenated phenyl ether groups, halogenated triphenyl, amido, ester groups and cyano groups. Halogen is any one of F, Cl and Br. Halogenation is partial substitution or full substitution. According to the electrolyte provided by the invention, the discharge capacity and circulating service life of the lithium titanate battery are improved by adding the phenylacetylene derivatives in the electrolyte. A swelling problem of the lithium titanate battery in the circulating process is further appropriately solved.