The present disclosure publishes a vulnerable plaque identification method. The method includes: receiving an angiocarpy image sent by a terminal device; transforming the angiocarpy image in an original Cartesian coordinate system into a polar coordinate system to form a polarization image; constructing a faster RCNN architecture and accomplishing a training; inputting the polarization image into the faster RCNN architecture accomplished the training to identify the polarization image, and outputting the image with the marked vulnerable plaques; feed backing the image with the marked vulnerable plaques to the terminal device. The present disclosure also publishes an application server and a computer readable medium. The vulnerable plaque identification method, the application server, and the computer readable medium can quickly and correctly conform the position of the vulnerable plaque.