A rice white leaf and panicle gene wlp3 is provided. The cDNA sequence of the white leaf and panicle gene wlp3 is shown in SEQ ID NO: 1, and the encoded amino acid sequence of the protein is shown in SEQ ID NO: 2. The rice white leaf and panicle gene wlp3 is applied to rice stress resistance and yield increase. The white leaf and panicle gene wlp3 is configured to improve cold tolerance of plants, enhance photosynthetic rate, increase plant height, leaf albinism at seedling stage, panicle albinism at heading stage, and increase panicle length at low temperature. The present disclosure obtains the rice white leaf and panicle gene wlp3 through screening and mutagenesis, which is related to the stress resistance and chlorophyll synthesis of rice. Therefore, the present disclosure provides a foundation for rice breeding.