The invention relates to a lead-free low-melting-point glass with an excellent comprehensive performance and an application method thereof. The oxide composition of the glass material is expressed as follows in molar percentage: 10-43% of ZnO, 9-20% of Fe2O3, 35-50% of P2O5, 0-6% of Al2O3, 0-10% of B2O3, 0-10% of SiO2, 0-7% of Bi2O3, 0-20% of Na2O, 0-20% of K2O, 0-15% of Li2O and 0-10% of MO, wherein MO is one or more of MgO, CaO, SrO and BaO, the sum of the molar percentages of ZnO, Fe2O3 and P2O5 is not less than 70%, the mixing sum of the molar percentages of alkali metal oxides, and the mixing sum of the molar percentages of alkali metals and alkaline-earth metals are both not greater than 20%. The lead-free low-melting-point glass prepared by the method disclosed by the invention is excellent in comprehensive performance, low in production cost, environment-friendly, and capable of sealing among glass, ceramics and metals, preparing electronic pastes, safely curing high-level wastes, and the like.