The invention discloses a cadmium-eliminated desensitized rice protein and a preparation method and application thereof. The objective of the invention is to overcome the problems that the content of cadmium in conventional rice protein is too high and wheat allergens in the conventional rice protein exceed standards. The cadmium-eliminated desensitized rice protein provided by the invention is prepared by eliminating cadmium in a rice residue by using an acid solution, then desensitizing the rice residue with an aqueous solution of an organic solvent and finally processing the cadmium-eliminated desensitized rice residue; and the cadmium-eliminated desensitized rice protein contains less than 0.1 mg/kg of cadmium and less than 10 ppm of wheat allergens. According to the invention, the preparation method has the advantages of simple operation, low cost, capacity of safely and effectively obtaining the rice protein with low content of cadmium and wheat allergens and suitability for large scale popularization and application; the removal rate of cadmium is more than 90%, and the removal rate of the wheat allergens approaches 100%.