The invention discloses a USBKEY safe locker with an encryption and decryption function and an application method thereof. The USBKEY safe locker with the encryption and decryption function comprisesa USBKEY safe locker body and a control server, wherein the USBKEY safe locker body comprises a master control unit, a drawer unit, a safety unit, an information authentication unit, an electronic sealing unit, a USBKEY access unit, a data storage unit and a power unit and is used for safely storing USBKEY; the USBKEY safe locker body achieves authentication communication with the control server and completes USBKEY extraction and return according to received encryption control instructions; the control server comprises a parameter entry unit, a data communication unit, a parameter setting unit and a control logic unit and is used for performing authentication communication with the USBKEY safe locker body and transmitting the control instructions to the USBKEY safe locker body; the drawerunit is composed of N drawer subunits, and every drawer subunit is composed of a CPU (central processing unit) module, a drawer mechanical module and a drawer safety module.