The invention discloses hydrogel with microcurrent and a medicine slow-release function and a preparation method and application. The preparation method comprises the following steps: carrying out reaction on a medicine and a carbon quantum dot so as to obtain a medicine-carried carbon quantum dot; uniformly mixing a sodium alginate solution, a sodium carboxymethyl cellulose solution, a power generation substance, the medicine-carried carbon quantum dot and anhydrous calcium carbonate powder so as to obtain mixed liquid A; adding glucose lactone into the mixed liquid A, uniformly stirring, performing ultrasonic defoaming, leveling, and drying, thereby obtaining the hydrogel with the microcurrent and the medicine slow-release function. The hydrogel has the advantages of excellent mechanical property, very good medicine slow-release property, very good heal promotion effects, very good swelling property, very good biological security and large market application prospect.