The invention discloses a novel botanical insecticide and its preparation method and application and belongs to the field of insecticide preparation technology. The novel botanical insecticide comprises the following raw materials: ailanthus altissima, castor-oil plant, Chinese prickly ash, sabah veratrum nigrum, tubatoxin, garlic, tarragon, melia azadarach, onion, leaves of cinnamomum burm anii, ash bark, radix sophorae flavescentis, euphorbia soongarica, sophora alopecuroide, pyrethrum, dioscorea zingiberensis, lettuce, mint, wasabi, patrinia herb and water. The novel botanical insecticide is prepared by steps of medical liquid extraction, concentration, drying, crushing, sieving, sterilization and the like. The novel botanical insecticide has advantages of nontoxic component and no residue, is pollution-free, green and environmentally friendly, and will not cause environmental pollution. The novel botanical insecticide can effectively control plant insects such as inchworm, red spider, lopholeucaspis japonica, leaf miner and the like. One-time killing rate reaches 96.42% and above, and the plant insects have no drug resistance.