The invention discloses a pharmaceutical composition for treating osteoarthropathy. The pharmaceutical composition is prepared from the following raw materials in parts by weight: 30-60 parts of Curculigo orchioides, 30-60 parts of Viscum coloratum, 30-60 parts of Trogopterus xanthipes dung, 20-40 parts of Angelica pubescens, 20-40 parts of Dipsacus asperoides, 10-30 parts of Saposhnikovia divaricata, 10-30 parts of Eupolyphaga Seu Steleophaga (Eupolyphaga sinensis and / or Steleophaga plancyi), 10-30 parts of Rhizoma Curcumae, 10-30 parts of Sparganium stoloniferum, 10-30 parts of Olibanum, 10-30 parts of Myrrha, 10-30 parts of Cyathula officinalis, 5-10 parts of Typhonium giganteum, 5-10 parts of processed Aconitum carmichaeli (Radix Aconiti), 5-10 parts of processed Aconitum kusnezoffii, 5-10 parts of processed Radix Glycyrrhizae, 1-5 parts of Buthus martensii, and 1-5 parts of Scolopendra subspinipes. The pharmaceutical composition is prepared from traditional Chinese medicinal materials, has effects of expelling wind and removing dampness, strengthening bones and tendons, softening hard masses, dispelling cold and smoothing collaterals, has distinct analgesic, anti-inflammatory and repercussive effects, has no toxic and adverse side effect after long-term administration and low drug tolerance, and can effectively treat injury of meniscus articularis, rheumatic gonitis, degenerative gonitis, and other diseases. The invention also discloses a preparation method and application of the pharmaceutical composition.