The invention relates to a copper-zinc-cerium-based catalyst for low-temperature deep removal of carbon monoxide and a preparation method and application of the catalyst. The catalyst comprises the following components: 10wt% to 95wt% of a main component, CuO, 1wt% to 85wt% of a second component, ZnO, 1wt% to 85wt% of a third component, CeO2, and 0.0 to 40wt% of a fourth component, an oxide of metal M, wherein M is one or more selected from Zr, Mn, Mg, Fe, La, Pr, Nd and Sm. The copper-zinc-cerium-based catalyst for low-temperature deep removal of carbon monoxide is prepared by the coprecipitation method. Compared with the prior art, the catalyst has the advantages that low-price rare earth elements are fully utilized, the preparation cost of the catalyst is obviously reduced, the oxygen storage and release capacity of the rare earth elements is utilized, the reducing property of the catalyst is improved, and the low-temperature activity of the catalyst is enhanced. Compared with the prior art, the catalyst provided by the invention has the characteristics of high activity at low temperature (0 to 50 DEG C), high removal depth (less than or equal to 10ppb), good stability, long service life and simple preparation process.