The invention relates to an earthquake physical reservoir model, a preparation method thereof and an application thereof. The model is composed of reduced iron powder, rosin liquid, zinc oxide, barite powder or lime, etc. Property parameters of the model can be adjusted in the following ranges that a propagation speed is 1100 to 2000 m/s, a porosity is 1 to 30 % and an amplitude is 50 to 210. The preparation method comprises: 1, putting various experimental materials of the earthquake physical reservoir model into a stirring apparatus to uniformly stir, and then injecting into a die; 2, pressing tightly and debubbling; and 3, molding and demolding to obtain the finish product. In accordance with different test purposes and requirements, the earthquake physical model can be built by using a similarity principle to simulate actual geological structure; and the earthquake physical model can be used for researches on seismic wave fields and researches for other purposes;?moreover the earthquake physical model can provide relatively objective bases for verification of new methods and new theories in oil-gas exploration and development.