The invention discloses a Ti-Fe-Ni selective hydrogenation catalyst, and a preparation method and application of the same. Based on the mass of the catalyst (100%), the catalyst comprises: 2-15% of Fe, 0.2-1.5% of Ti, and 0.5-1.8% of Ni; for the catalyst, the specific surface is 10-300m2/g, and the pore volume is 0.2-0.65ml/g; Fe is obtained by loading onto a carrier through a soaking method, then being subjected to roasting, and being reduced under a hydrogen atmosphere; in the catalyst, the Fe exists in an alpha-Fe2O3 form, and a FeNi phase is contained. The catalyst can be used for selective hydrogenation in acetylene, methylacetylene (MA) and propadiene (PD) in C2-3 splitting decomposition fraction. The catalyst is wild in hydrogenation activity, excellent in selectivity to olefins, high in increment of olefins, good in operation flexibility, low in production amount of green oil, and good in long period running; the cost of the catalyst is greatly lower than that of a noble metal Pd catalyst.