The invention discloses an eaglewood extract with allergy-relieving and anti-allergy effects, and a preparation method and application thereof. The method comprises the following steps: (1) grinding eaglewood, and then heating and extracting the eaglewood in an ethanol solution; (2) performing cooling and filtering, and extracting filter liquor for later use; (3) concentrating the filter liquor in the step (2) to obtain eaglewood extract concrete; (4) mixing and dissolving the eaglewood extract concrete in the step (3) and polyol, and performing filtering to obtain filter liquor namely the eaglewood extract with the allergy-relieving and anti-allergy effects. The method for preparing the eaglewood extract, provided by the invention, is simple and convenient to operate and suitable for large-scale production, and the purity of an obtained product is higher. The eaglewood extract provided by the invention has multiple effects of inhibiting the activity of hyaluronidase, scavenging free radicals, achieving anti-inflammation and anti-allergy, enhancing a skin barrier function and the like. The extract has an environmentally-friendly extraction mode, is healthy and safe, inhibits release of allergy mediators such as histamine, and can be widely applied to various cosmetics such as masks by serving as an active anti-allergy ingredient.