The invention provides a traditional Chinese medicine composition and a traditional Chinese medicine preparation for the treatment of hair graying and hair loss and applications thereof. The traditional Chinese medicine composition includes: 20-80 parts of tuberculate speranskia herbs, 15-50 parts of pawpaws, 15-50 parts of Chinese clematis roots, 5-20 parts of drynaria rhizomes, 5-20 parts of rhizoma curcumae longae, 5-20 parts of malaytea scurfpea fruits, 1-5 parts of borneol, 5-20 parts of cassia twigs, 5-20 parts of dahurian angelica roots, 10-30 parts of common scouring rush herbs, 5-30 parts of mulberry leaves and 5-20 parts of peppermints. The traditional Chinese medicine composition and the traditional Chinese medicine preparation provided by the invention have the effects of resisting bacteria and diminishing inflammation, promoting blood circulation for removing blood stasis, warming and activating main and collateral channels and dispelling wind evil and damp evil, so that the traditional Chinese medicine composition and the traditional Chinese medicine preparation are capable of breaking congestion, generating fresh blood, increasing the activity of immune cells, removing harmful substances in the body, eliminating the symptoms of qi stagnation and blood stasis, making patients sufficient in qi and blood and smooth in blood circulation and achieving effects of dredging main and collateral channels and repairing cells of main and collateral channels, to make the cells of main and collateral channels regenerated after nutrition supply, and to achieve the effects of treating hair graying and hair loss.