The invention relates to a determination method of oil peroxide value and application thereof and belongs to the technical field of chemical component detection. the method of the invention comprisesthe following steps: drawing a standard curve of ferric ions; mixing oil to be tested and an organic solution, adding a ferrous iron solution, fetching an upper-layer aqueous solution as a sample group, and setting a control group which doesn't contain the oil to be tested; mixing the sample group with a potassium ferrocyanide solution and mixing the control group with a potassium ferrocyanide solution respectively, measuring light absorption value, and obtaining the content of ferric ions in the oil to be tested according to the standard curve; and calculating the oil peroxide value accordingto oil peroxide value= the content of ferric ions in the oil to be tested/ (28* mass of oil to be tested). The determination method is efficient and convenient to operate. Types of reagents used in the method are few but sources of the reagents are wide. Results measured by the determination method have good repeatability and are accurate and effective. The method of the invention can help raiseefficiency and save cost when used for measuring the oil peroxide value.