The invention relates to a hypoallergenic plant-based high-protein nutritional meal replacement powder and application thereof. The meal replacement powder comprises the following raw materials in percentage by weight: 15-20 percent of rice protein powder, 15-20 percent of pea protein powder, 5-10% of rice protein peptide, 15-20% of soluble dietary fibers, 5-10% of isomaltooligosaccharide, 5-10% of maltooligosaccharide, 5-10% of maltodextrin, 0.5-2% of konjaku flour, 1-5% of puffed cereal particles, 1-5% of erythritol, 0.1-0.5% of a sweetening agent, 0.1-0.5% of composite vitamin and 1-3% of composite minerals. The meal replacement powder contains plant-based proteins, is high in protein and low in calorie, is rich in dietary fibers, vitamins and minerals, is rich in nutrition, can provideprotein for body in a gradient manner, and can continuously supply energy. The meal replacement powder does not contain hormones or antibiotics, has hypoallergenicity, and can be eaten by people allergic to animal protein, soybeans, wheat or nuts.