The invention discloses a hydrogen peroxide remover for refining and bleaching textile and application thereof. The hydrogen peroxide remover for refining and bleaching textile of the invention is a cobalt chloride aqueous solution which has the pH of 4 to 6 and 3-5 percent by weight of cobalt chloride. The hydrogen peroxide remover of the invention is applied to a process for refining and bleaching cotton knitted fabrics or yarns; and compared with the current most common process for removing hydrogen peroxide with catalase, the invention reasonably shortens the process flow under the premise of not influencing the dyeing of the following active dye, is beneficial to production efficiency improvement and environmental protection, obviously reduces water consumption and discharge mount and lowers the production cost.