The invention relates to the metal material and metallurgy field, in particular to low silver brazing and soldering alloy with In, Li, Zr and La and a preparation method and application thereof. The low silver brazing and soldering alloy with In, Li, Zr and La belongs to a medium-temperature soldering and brazing material and comprises, by weight, 3%-5% of Ag, 6%-8% of P, 0.05%-2.5% of In, 0.05%-2.5% of Li, 0.005%-0.1% of Zr, 0.005%-0.1% of La, and the balance Cu. Silver ingot, phosphori, electrolytic copper, metal In, metal Li, metal Zr and rare earth La, which are sold in the market, are used, matching is carried out according to the design composition, conventional intermediate-frequency smelting and pouring are adopted, a wire can be obtained through squeezing and drawing, and a flux-cored colder wire can be obtained by adding brazing flux. The brazing and soldering alloy has the characteristics of low silver content, a low melting point, good wettability and high strength, and can replace BCu75PAg with 20% of silver and BAg25CuZnSn brazing and soldering alloy with 25% of silver, and the BCu75PAg with 20% of silver and the BAg25CuZnSn brazing and soldering alloy with 25% of silver are widely used in the refrigeration industry.