The invention provides a fracturing fluid, and a preparation method and an application thereof. The fracturing fluid comprises, by mass, 0.10-0.45% of a thickener, 0.35-0.55% of a clay stabilizer, 0.3-0.5% of a surfactant, and the balance of water, wherein the thickener is prepared through a reaction of acrylamide, unsaturated carboxylic acid, alkylphenol polyoxyalkylene ether unsaturated acid ester, N,N-dimethyl-alkyl tertiary amine and halogenated cyclic ether according to a molar ratio of 99:25:1:1:1. The fracturing fluid solves the technical problems of large flown back fluid treatment difficulty, high cost and poor reuse feasibility of fracturing fluids adopting guar gum and modification products thereof as a thickener in the prior art.