The invention relates to a novel recombinant double-function fusion protein, and a preparation method and application thereof, and particularly discloses a fusion protein which is formed by connecting an element A, an element B and an immunoglobulin element C in series, wherein the element A is in an TGF-beta receptor membrane outer region, and the element B is in a VEGFR1 second membrane outer region. The protein can be simultaneously combined with two ligands VEGF and TGF-beta1, and has favorable combination activity, thereby inhibiting the biological activity of the ligands. The invention also discloses application of the novel recombinant double-function fusion protein in disease therapy.