The invention provides rolled steel as well as a preparation method and application thereof. The rolled steel is prepared from the following raw materials including, by mass fraction, 0.10%-0.14% of carbon, less than or equal to 0.10% of silicon, 0.30%-0.60% of manganese, less than or equal to 0.010% of phosphorus, less than or equal to 0.005% of sulfur, 8.5%-9.5% of chromium, 2.50%-3.10% of tungsten, 2.80%-3.30% of cobalt, 0.03%-0.07% of niobium or tantalum, 0.15%-0.25% of vanadium, 0.004%-0.010% of nitrogen, 0.010%-0.016% of boron, less than or equal to 0.20% of nickel, less than or equal to0.010% of aluminum and the balance iron. The rolled steel has excellent heat resistance and mechanical properties, the thermal fatigue damage can not be generated after long hours of work under the high-temperature condition, and the high strength is kept.