The invention discloses a water soluble reproducible corrosion inhibitor and a preparation method and application thereof. With idesia oil and vinylamine as raw materials, amination and cyclization reactions are performed under the functions of catalyst and water carrying agents, an obtained product and dimethyl phosphite react with each other, and the water soluble reproducible corrosion inhibitor is obtained. The prepared water soluble reproducible corrosion inhibitor is small in dosage, the corrosion inhibition efficiency is high, the water soluble reproducible corrosion inhibitor is free of poison or harm to the environment and is biodegradable, the heat stability is good, pungent smell is avoided, the water solubility is good, and the development requirement of green corrosion inhibitors is met. The reaction conditions of the method are easy to control, the process is simple, the method is environmentally friendly, the cost is low, the source of raw materials is wide, the water soluble reproducible corrosion inhibitor is reproducible, cheap and easy to obtain, industrial production is easy, and a new thought is provided for preparing the environment-friendly sustainable development corrosion inhibitors.