The invention discloses transfer printing paper for printing thermal sublimation patterns and bright flower patterns once, a preparation method and application thereof. The transfer printing paper comprises transfer printing base paper; one side of the transfer printing base paper is adhered with a parting agent layer; and an ink layer and a bright substrate layer are adhered to the surface of the parting agent layer in arbitrary order. With the transfer printing paper, textile can be simultaneously subjected to pattern printing and bronze printing through a transfer printing process; the transfer printing paper keeps the advantages of environmental pollution, energy conservation, no wastewater and no pollution of the prior thermal sublimation transfer printing process, saves a transfer bronzing process of the prior art and has the advantages of saving cost, improving yield of finished products, having high production efficiency and the like.