The invention provides a bainitic steel and pearlitic steel thermit welding material and application of the bainitic steel and pearlitic steel thermit welding material to bainitic steel and pearlitic steel welding. The bainitic steel and pearlitic steel thermit welding material comprises, by weight percentage, 18%-19% of aluminum powder, 68%-69% of iron oxide, 2.7%-2.8% of ferromanganese, 0.6%-0.7% of ferrochromium, 1.1%-1.2% of ferrosilicon, 0.4%-0.6% of ferromolybdenum and the balance iron powder. The invention further provides a steel rail thermite welding technology characterized by utilization of the bainitic steel and pearlitic steel thermit welding material. When a pearlitic steel rail and a bainitic steel rail are welded by the use of the bainitic steel and pearlitic steel thermit welding material and the welding technology, the chemical composition of weld metal is similar to the chemical composition of bainitic steel, the microstructure of the weld metal is carbide-free bainite, no cracks or abnormal structures exist, a welded joint has good mechanical properties, and the hardness, the static bending performance and other performance meet the existing industrial standards.