The invention provides an alloy nanocage catalyst, and a preparation method and an application thereof. The catalyst comprises an alloy of noble metal and transition metal, wherein the noble metal includes any one or a combination of at least two of palladium, ruthenium, platinum, gold, rhodium, osmium and iridium; the transition metal includes copper; and the catalyst is of a hollow nanocage structure. According to the catalyst, the transition metal part is used for replacing the noble metal to form the alloy, so that the usage amount of the noble metal is reduced, the noble metal and the transition metal have a synergistic effect, an electronic structure is optimized, and the catalyst stability is enhanced; the catalyst has an octahedral hollow cage-like structure and is stable in structure and large in specific surface area, the usage amount of the noble metal is small, the catalyst cost is greatly reduced, and the application prospect is good; the catalyst is applied to the fuel cell positive catalysis; and the noble metal has the mass activity which can reach about 1,000mA mg<-1>, and the specific activity which can reach about 2.0mA cm<-2>.