The invention provides an ultrasonic tissue mimicking phantom as well as a preparation method and application thereof. The ultrasonic tissue mimicking phantom is prepared by performing a cross-linking reaction on a mixed liquid of a polyacrylamide mixture, water, scatters and glycerinum. By controlling the components of the polyacrylamide mixture, the elasticity modulus of the ultrasonic tissue mimicking phantom is adjusted and controlled, and by adding glycerinum, the viscous modulus of the ultrasonic tissue mimicking phantom is adjusted and controlled, so that adjustability of the elasticity modulus and the viscous modulus of the ultrasonic tissue mimicking phantom is achieved, and relatively rich possibility of the ultrasonic tissue mimicking phantom in inspection and calibration of ultrasonic imaging instruments is provided.