In the field of petroleum exploration, lithology identification of finely cuttings sample, especially high precision identification of igneous rock with similar property, has become one of the geological problems. In order to solve this problem, a new method is proposed based on element analysis of Laser-Induced Breakdown Spectroscopy (LIBS) and Total Alkali versus Silica (TAS) diagram. Using independent LIBS system, factors influencing spectral signal, such as pulse energy, acquisition time delay, spectrum acquisition method and pre-ablation are researched through contrast experiments systematically. The best analysis conditions of igneous rock are determined: pulse energy is 50 mJ, acquisition time delay is 2 μs, the analysis result is integral average of 20 different points of sample’s surface, and pre-ablation has been proved not suitable for igneous rock sample by experiment. The repeatability of spectral data is improved effectively. Characteristic lines of 7 elements (Na, Mg, Al, Si, K, Ca, Fe) commonly used for lithology identification of igneous rock are determined, and igneous rock samples of different lithology are analyzed and compared. Calibration curves of Na, K, Si are generated by using national standard series of rock samples, and all the linearly dependent coefficients are greater than 0.9.The accuracy of quantitative analysis is investigated by national standard samples. Element content of igneous rock is analyzed quantitatively by calibration curve, and its lithology is identified accurately by the method of TAS diagram, whose accuracy rate is 90.7%. The study indicates that LIBS can effectively achieve the high precision identification of the lithology of igneous rock.