The invention discloses a sulfur-tolerant deoxidizing catalyst, preparation method and application thereof. The catalyst of the invention is composed of active components and porous carriers, the active components are one or more of compound of iron and/or copper, the porous carriers are selected from one or more of aluminium oxide, titanium oxide, zirconium oxide, zinc oxide, magnesium oxide, calcium oxide, silicon dioxide, aluminophosphate molecular sieves, A type molecular sieves, X type molecular sieves, Y type molecular sieves, mordenite, ZSM-5 zeolite, kieselguhr, kaoline, natural clay, aluminum silicate and magnesium silicate. Based on the oxide content, the active components loading amount is 1-95% by weight, the rest are porous carriers. The catalyst of the invention has definite sulfur-tolerant performance, is suitable for deoxidation treatment of coal seam gas with oxygen content of 3-6% (V/V), and can deoxidize the coal seam gas to make the oxygen content less than 0.5%.