The invention discloses sustained-release polycarboxylate superplasticizer and a preparation method and application thereof.The sustained-release polycarboxylate superplasticizer is prepared from, by weight, 50-58 parts of polymethylacrylic acid, 22-30 parts of castor beans, 5-12 parts of menthone, 8-15 parts of chitosan, 1-5 parts of potassium ferrate and 33-40 parts of formic acid.The castor beans are dried, smashed and sieved, cyclohexane is added into the sieved castor bean powder, sealing heating is conducted, and supernatant liquid is extracted after filtering; the supernatant liquid and chitosan are mixed, sealing heating is conducted, and a mixture A is obtained; polymethylacrylic acid and formic acid are mixed, deionized water is added, heating and stirring are conducted, menthone is added, heating and stirring are conducted, and a mixture B is obtained; the mixture A and the mixture B are mixed, and after heating and stirring are conducted, potassium ferrate is added, heating is conducted, and the sustained-release polycarboxylate superplasticizer is prepared.The sustained-release polycarboxylate superplasticizer has sustained-release performance, the water reducing efficiency is higher, good water reducing performance and slump retaining performance are shown, the sustained-release polycarboxylate superplasticizer also has the defoaming function, sources of the raw materials are wide, the production technology is simple, cost is low, no environment pollution is caused, and the sustained-release polycarboxylate superplasticizer is suitable for industrial production.