The invention discloses a quantum key agreement protocol based on GHZ state, comprising the following steps that: step 1, Alice and Bob randomly generate respective classical keys; step 2, Alice prepares the GHZ state and divides all particles into sequences, inserts decoy photons into one of the sequences and then transmits the sequence to Bob; step 3, Bob measures the decoy photons, Alice calculates an error rate, if the error rate is low, a step 4 is executed, otherwise, the step 2 is executed again; step 4, Alice and Bob respectively perform measurement and obtain the measurement result of each other; step 5, Alice executes unitary transformation and obtains a new sequence, and Alice transits the sequence with the inserted decoy photons to Bob; step 6, Bob measures the decoy photons, and Alice calculates the error rate, if the error rate is low, a step 7 is executed, and otherwise, the step 2 is executed again; step 7, Alice calculates a shared key of both sides; step 8, Bob generates the shared key. The quantum key agreement protocol based on GHZ state can resist participant attack, outside attack and Trojan horse attack. The quantum key agreement protocol based on GHZ state is safe in both a noiseless quantum channel and a quantum noisy channel. Moreover, quantum bit efficiency of the quantum key agreement protocol based on GHZ state is higher than the existing protocols.