The invention relates to a printing ink composition with a water-soluble solvent, an application of the printing ink composition, and a printed circuit board. The printing ink composition comprises the following components: A) a photo-cured dilute-alkaline-water developable resin containing carboxyl and an unsaturated double bond, B) an unsaturated monomer, C) a water-soluble solvent, D) epoxy resin, E) an epoxy curing accelerator, F) a photopolymerization initiator, and optional G) a filling material, H) a pigment, and I) an antifoaming agent, a dye, a thermopolymerization inhibitor, an adhesive force promoter, a dispersant, a coupling agent, a fire retardant, a leveling agent, an anti-oxidant and / or a thixotropic agent. The printing ink composition is applied to holes of a circuit board, has excellent properties, such as hot-soldering-tin resistance, developability, and washing resistance of a liquid composite, and can be widely applied as an insulated solder-resisting protective material for the holes of the circuit board.