The invention discloses a hydrolysis hydrogen production aluminum alloy. The hydrolysis hydrogen production aluminum alloy comprises raw materials including, by mass percent, 90 to 95% of Al and 5 to10% of an additive. The additive is one or multiple of a metal element, metallic oxide and metal chloride, the metal element comprises one or multiple of magnesium, antimony, zinc, lead, cadmium, bismuth, tin, potassium and sodium, the metallic oxide comprises one or multiple of magnesium oxide, antimony oxide, zinc oxide, lead oxide, cadmium oxide, bismuth oxide, tin oxide, potassium oxide and sodium oxide, and the metal chloride comprises one or multiple of magnesium chloride, antimony chloride, zinc chloride, lead chloride, cadmium chloride, bismuth chloride, tin chloride, potassium chloride and sodium chloride. In the hydrolysis hydrogen production aluminum alloy, the cost of hydrolysis hydrogen production aluminum alloy is greatly reduced while hydrogen production is ensured. The invention further provides a preparing method of the hydrolysis hydrogen production aluminum alloy and application.