The invention provides a lymphocyte serum-free medium with a stable pH value. The lymphocyte serum-free medium comprises the following components: a basic medium, 10 mg/L of transferrin, 0.01 mg/L of sodium selenite, 110 mg/L of pyruvic acid, 1.5 mg/L of ethanolamine, 10 mg/L of insulin, 10-30 mg/L of a glutamine substitute, 300 mg/L of lipid-type bovine serum albumin, 0.001 mg/L of copper sulfate, 0.0005 mg/L of ammonium metavanadate, 0.00005 mg/L of manganese chloride, 0.8 mg/L of zinc sulfate, 2 mg/L of vitamin E, 100 mg/L of phytohemagglutinin (PHA) and 10-50 mM of a pH buffer system. The invention further discloses a preparation method and application of the lymphocyte serum-free medium. Through the adoption of the lymphocyte serum-free medium, lymphocyte differentiation can be improved, and a large number of division-phase lymphocytes are generated; moreover, the pH value is stable , so as to facilitate stable storage of the lymphocyte serum-free medium.