The invention relates to an icariin and hyaluronic acid composition, a method for preparing the same and application of the icariin and hyaluronic acid composition. The icariin and hyaluronic acid composition, the method and the application have the advantages that the icariin and hyaluronic acid composition can be used for preparing medicines for treating cartilage diseases and can be particularly used for preparing injection for joint cavities, accordingly, the shortcoming of limitation of single hyaluronic acid treatment can be overcome, the application range can be expanded, and adverse reaction can be reduced; effects of covering and protecting the surfaces of cartilage can be enhanced by the aid of pharmacological effects of icariin on cartilage cells; the icariin and hyaluronic acid composition can act on synovial cells, synthesis of autologous macromolecular hyaluronic acid can be promoted, and accordingly the purposes of nourishing the cartilage, lubricating the joint cavities, relieving pain, improving the daily activity ranges and the joint activity ranges of patients and the like can be achieved; the icariin and hyaluronic acid composition can act on the cartilage cells, accordingly, the viability of the cartilage cells can be enhanced, secretion of active substances such as type II collagen of the cartilage cells and mucopolysaccharide can be promoted, and nourishing, lubricating, regenerating and functional reconstruction effects and the like can be jointly realized; knowledge on traditional Chinese medicine injection can be changed, the adverse reaction can be reduced to a great extent, curative effects of hyaluronic acid and the traditional Chinese medicine injection can be improved, and the application ranges of the hyaluronic acid and the Chinese medicine injection can be expanded.