The invention discloses a selenium-rich yeast, a preparing method and an application. The preparing method includes the following steps that Candida ethanolica is subjected to nitrogen ion-implantation mutagenesis, and is subjected to mutation screening for multiple times, and an Candida ethanolica mutant strain tolerating high-concentration sodium selenite is obtained; a seed culturing solution is prepared, the seed culturing solution is inoculated in a fermentation medium and fermented to the logarithmic phase, the sodium selenite is additionally added into a fermented product, the mixture continues to be fermented and cultured, and a fermented product is collected; fermented liquid is subjected to centrifugal washing and dried, and then a faint-yellow powdery product is obtained. The selenium-rich yeast has a large amount of amino acid and small peptide, and is extremely and easily digested and absorbed by animals, organic selenium in the yeast can be fully absorbed by living bodies along with absorption of the amino acid and the small peptide, and the digestion using rate of the organic selenium is greatly increased. Under the condition of the equivalent additive amount, the selenium-rich yeast has the advantage of being obvious in production performance aspect compared with similar products, or under the condition of the equivalent production performance, the additive amount can be reduced, and the cost is reduced.