The invention relates to a nodular cast iron inoculant and a preparation method thereof and an application in smelting nodular cast iron. The nodular cast iron inoculant consists of 3-6% of Bi, 40-50% of Si, 0.5-3% of Ba, 0.1-3% of La, 10-18% of Ca, 1-3% of O, 0.5-3% of S and the balance of Fe and unavoidable trace elements. The nodular cast iron inoculant is prepared by the steps of mechanically mixing a metal oxide, a metal sulfide and a silicon iron-based alloy; adding an adhesive into a grinding device, and pressing the mixture into a cluster; breaking the cluster, screening and wrapping with an aluminum foil. In use, when the output molten iron accounts for about 1/2 of the lip-pour ladle, the inoculant is added to perform inoculation treatment on the nodular cast iron once or multiple times. The inoculant provided by the invention contains the trace elements such as O, S, Bi and the like and is low-silicon and efficient, and multiple heterogeneous nucleation mass points are formed in the iron liquid, thereby increasing the graphite quantity, improving the shock resistance, mechanical property and yield, increasing the utilization rate of foundry returns, and increasing the economic benefits.