The disclosure provides an active peptide with an anti-lipid oxidation function and a preparation method and application thereof and belongs to the technical field of plant-derived biologically active peptides. In the disclosure, oil processing by-products, namely oil crops after oil extraction, are used as the raw materials, and the raw materials are subjected to the steps of protein extraction, infrared pretreatment, proteolysis, freeze-drying, lipophilic part extraction, vacuum concentration and drying to prepare an anti-lipid oxidation peptide having the functional characteristics of scavenging DPPH free radicals, chelating metal ions, inhibiting lipid peroxidation, prolonging vegetable oil oxidation induction time, improving emulsion stability and the like. The anti-lipid oxidation peptide can be used as a natural antioxidant in the storage and preservation of lipid and other lipid-containing food, the problems of product deterioration and harmful product production caused by lipid oxidation are solved, and the shelf life of food is prolonged.