The invention relates to a Monascus purpureus strain, and a fermentation product and a fermentation method thereof. The Monascus purpureus has a strain number of ZX26 and an accession number of CGMCCNO. 15992, and has the advantages of high lovastatin yield, low citrinin synthesis amount, compliance with food safety standards and good genetic stability. The fermentation product comprises myceliaproduced by fermentation and a fermented product lovastatin, and has the advantages of high lovastatin content, low citrinin content, compliance with food safety standards and high nutritional and health-care value. The method comprises a step of inoculating the seed solution of the Monascus purpureus strain into a fermentation medium for oscillating fermentation culture. The fermentation method is simple in operation, low in cost, and convenient for large-scale production. Furthermore, after the fermentation method is optimized, the ability of the Monascus purpureus strain in producing lovastatin can be greatly enhanced.