The invention relates to an oxygen carrier material for removing reducing gas impurities in inert gas as well as a preparation method and application of the oxygen carrier material. The oxygen carriermaterial is AxByCz, wherein A is at least one non-noble metal transition metal oxide, B is a group VIIIB metal or an oxide of the group VIIIB metal, and C is at least one group IIB or group IIIB metal oxide. The oxygen carrier material can effectively remove the impurity gas in the inert gas, wherein the impurity gas comprises carbon monoxide, hydrogen, methane, hydrogen sulfide and other reducing gas impurities. The oxygen carrier has the advantages that the reaction temperature is low, the utilization rate of active metal components is high, and various reducing gas impurities can be removed in one step. The removal depth can be lowered to 1 ppm or below, and the preparation process is simple and feasible, the operation is convenient, and the control is easy.