The invention relates to the manufacturing field of light emitting diodes (LED), in particular to a photoluminescent wafer for the LED as well as preparation method and application thereof. The photoluminescent wafer is a slice-shaped crystal in a garnet structure with a general formula of A3B5O12 without doping any resins and other bonding agents, the thickness of the photoluminescent wafer is not less than 20 um, and the size of the crystal particle is not less than 10 um; moreover, the photoluminescent wafer comprises a first element A, a second element B and an active element, wherein thefirst element A is at least one of rare-earth elements Y, Lu, La, Gd or Sm; the second element B is at least one of the elements Al, Ga or In; and the active element is at least one of the rare-earthelements Ce, Pr, Tb and Dy. The photoluminescent wafer has the characteristics of high light emitting efficiency and good light emitting uniformity; the light transmission of the light emitting layercan not be reduced by light adsorption of the bonding agent; and the surface of the photoluminescent wafer is easy for people to carry out various optical treatments.