The invention relates to a multi-vesicular liposome, a blank multi-vesicular liposome and a preparation method and application thereof. The multi-vesicular liposome contains the following components in part by weight: 1 part of liposome, 0.01 to 20 parts of auxiliary emulsifier, 1 to 50 parts of osmotic pressure regulator and medicinal active ingredients; the medicament-to-lipid ratio of the multi-vesicular liposome is 1:(0.1-1):200; the lipid contains of a specific amount of neutral phospholipid, cholesterol and triglyceride; and the auxiliary emulsifier is selected from dextran, polyvinyl pyrrolidone, hydroxyethyl starch, gelatin, albumin, arginine and hydroxymethyl starch. The blank multi-vesicular liposome contains the following components in part by weight: 1 part of lipid, 0.01 to 20 parts of auxiliary emulsifier, 1 to 50 parts of osmotic pressure regulator and 0.1 to 50 parts of ion gradient regulator; the osmotic pressure of the in vivo water phase of the multi-vesicular liposome is equal to the osmotic pressure of human plasma; and the auxiliary emulsifier is as previously mentioned. The multi-vesicular liposome has high entrapment rate, and can achieve good sustained-release effect on in vivo and in vitro experiments.