The invention provides a heat dissipation paint, a preparation method and an application method thereof. According to the preparation method, heat conduction spheres wrapped with a heat conduction material serve as filler, and are mixed in a heat conduction material dispersion solution to form the heat dissipation coating, wherein the heat conduction material comprises at least one of carbon nanotubes and grapheme. The carbon nanotubes and the grapheme both have extremely high heat conductivity coefficients, so that the heat dissipation coating has excellent heat transmission capacity. When used, the heat dissipation coating is sprayed on LED light bars and the surface of a heat dissipation plate respectively to form heat conduction coatings. Because the carbon nanotubes and the grapheme both have high specific surface areas and Van der Waals forces exist between the carbon nanotube and the grapheme, the heat conduction coatings can tightly adhere to the LED light bars and the surface of the heat dissipation plate, the uneven surfaces of the LED light bars and the heat dissipation plate are effectively filled, and the contact effect of the LED light bars and the heat dissipation plate is enhanced. Meanwhile, the transmission path of heat in Z-axis is structured by the heat conduction spheres in the heat conduction coatings, and thus the thermal conductivity is effectively improved.