The invention provides preparation and application of calcium sulphate cement with osteogenic activity and antibacterial property. The calcium sulphate cement comprises a solid phase and a liquid phase, wherein the solid phase comprises the following components in percentages by mass: 80-90% of calcium sulphate and 10-20% of silver-strontium hydroxyl apatite; and the liquid phase is 0.1-1wt% of an aqueous solution of O-carboxymethyl chitosan. The solid-phase calcium sulphate is modified by synthesized strontium-silver-doped hydroxyl apatite in a compounded manner, the doped strontium which is a microelement has double effects of inducing osteogenesis and suppressing osteoclast, the silver as an antibacterial agent can be used widely, and owing to addition of the strontium and the silver, the osteoconduction and the antibacterial property of the calcium sulphate cement are improved. In the liquid phase, O-carboxymethyl chitosan molecules contain abundant hydroxyls (-OH) and carboxyls (-COOH), the biological activity and the biological compatibility of the calcium sulphate cement are improved effectively, and the prepared calcium sulphate cement has the advantages of long injectable time, high compressive strength, small degradation rate and the like.