The invention belongs to the field of precious metal electrocatalysts, and relates to a preparation method and application of a precious metal electrocatalyst. The preparation method comprises the steps: mixing a carbon carrier, an alkaline substance and a precious metal salt aqueous solution evenly, to prepare a suspension; at the temperature of 50-200 DEG C, carrying out reflux condensation for 0.5 h or more, carrying out standing precipitation, and removing the supernatant; then adding a reducing agent, stirring for 0.5 h or more, to eventually obtain a precipitate, carrying out suction filtration, washing to neutral, and carrying out vacuum drying; and in a mixed atmosphere of one or more than two of nitrogen gas, ammonia gas, helium gas, argon gas and hydrogen gas and at the temperature of 100-800 DEG C, carrying out heat treatment for 0.5-5 h, and thus obtaining the precious metal electrocatalyst. The prepared precious metal electrocatalyst can be applied in fuel cells. The preparation method is simple to operate, is environmentally friendly, and is suitable for mass production; the loading capacity of active components of the precious metal electrocatalyst is 0.01-90 wt %, and the carrier selection range is extensive; and the precious metal electrocatalyst has higher oxygen reduction activity, and can be applied in the fuel cells.