The invention relates to the field of biomedicine, and in particular to a selective TNFR1 antagonist peptide Hydrostatin-SN10 derived from the snake venom of the ringworm, having the amino acid sequence as shown in SEQ ID NO: 2. The invention also provides a selective TNFR1 antagonist peptide PEG-SN10 based on mPEG2000 modification, which is modified by covalent attachment of the carboxyl group of mPEG2000 to the free amino group of the N-terminal aspartic acid of the Hydrostatin-SN10 peptide chain. At the same time, the present invention provides Hydrostatin-SN10 and PEG-SN10 for the treatment of inflammatory bowel disease.