The invention relates to a pearl fragrant moxibustion, a preparation method and a moxibustion applying method. The pearl fragrant moxibustion is prepared from the following raw materials in parts by weight: 20-30 parts of olibanum, 20-30 parts of myrrha, 20-30 parts of radix aconiti sinensis, 20-30 parts of radix aconiti kusnezoffii, 50-60 parts of rhizoma sparganii, 50-60 parts of radix achyranthis bidentatae, 50-60 parts of radix angelicae pubescentis,50-60 parts of radix angelicae dahurioae, 50-60 parts of rhizoma notopterygii, 50-60 parts of rhizoma arisaematis, 50-60 parts of ramulus cinnamomi, 50-60 parts of herba menthae, 50-60 parts of herba ephedrae, 50-60 parts of radix saposhnikoviae, 50-60 parts of cortex eucommiae, 50-60 parts of Pharbitis seeds, 50-60 parts of radix asari, 50-60 parts of gentianae macrophyllae radix, 120-150 parts of moxa wool, 15-20 parts of rhizoma pinelliae, 50-60 parts of flos caryophylli, 80-100 parts of radix aucklandiae, 80-100 parts of lignum santali albi, 30-50 parts of lignum acronylchiae, 30-50 parts of lignum aquilariae resinatum, 180-200 parts of herba Siegesbeckiae, 80-100 parts of radix clematidis, 50-60 parts of rhizoma nardostachyos, 3-5 parts of sulfur grundum, 15-20 parts of margarita powders, 3-5 parts of bamboo coal powders, 3-5 parts of cinnabar powders, 8-10 parts of sodium sulfate, wherein the of radix achyranthis bidentatae, the radix angelicae pubescentis, the radix aconiti sinensis, the rhizoma sparganii, the radix aconiti kusnezoffii, the radix angelicae dahurioae, the rhizoma notopterygii and the rhizoma pinelliae are fermentation materials Various traditional Chinese medicine health preserving techniques are integrated, and the effects of dispelling cold, eliminating dampness, diminishing inflammation and expelling toxins are remarkable. The pearl fragrant moxibustion disclosed by the invention is uniform in burning speed, strong and lasting in firepower, strong in penetration force and long in conduction force; and dense smoke is not generated during combustion, the nose is not choked and pungent, and the experience feeling is good.