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This invention relates to a method for preparing and applying a polypyrrole-coated indium-based electrocatalyst. The method includes the following steps: adding carbon nanotubes to an N,N-dimethylformamide solution containing indium nitrate, transferring the solution to a high-temperature reactor, and reacting to obtain In₂O₃ / CNT; placing the In₂O₃ / CNT in an aqueous solution containing pyrrole, and then adding ammonium persulfate to react, thereby obtaining the polypyrrole-coated indium-based electrocatalyst. The polypyrrole-coated indium-based electrocatalyst obtained by this invention exhibits excellent electrocatalytic performance in the reduction of carbon dioxide to formic acid, possessing both high Faradaic efficiency and long-term catalytic stability.