Objective To investigate the effect of Inhaled Budesonide Suspension combined with Terbutaline Sulfate Solution for Nebulization in the treatment of acute exacerbation of chronic obstructive pulmonary disease. Methods A total of 88 cases of patients with acute exacerbation of chronic obstructive pulmonary disease treated in our hospital from January to December 2019 were selected as the research objects, and divided into the observation group and the reference group by even and odd grouping method, with 44 cases in each group. The reference group was treated with Inhaled Budesonide Suspension, and the observation group was treated with Terbutaline Sulfate Solution for Nebulization on the basis of the reference group. The clinical efficacy, lung function indexes and serum indexes before and after treatment were compared between the two groups. Results The total effective rate of treatment of the observation group was higher than that of the reference group, and the difference was statistically significant (P<0.05). The forced expiratory volume in the first second (FEV1), forced vital capacity (FVC) and the ratio of forced expiratory volume in the first second to forced vital capacity (FEV1/FVC) after treatment in two groups were higher than those before treatment, and the FEV1, FVC and FEV1/FVC in observation group were higher than those in the reference group, and the differences were statistically significant (P<0.05). The procalcitonin (PCT), interleukin-6 (IL-6), and interferon-γ (IFN-γ) after treatment in the two groups were lower than those before treatment, and the PCT, IL-6, and IFN-γ in the observation group were lower than those in the reference group, and the differences were statistically significant (P<0.05). Conclusion Patients with acute exacerbation of chronic obstructive pulmonary disease receive Inhaled Budesonide Suspension combined with Terbutaline Sulfate Solution for Nebulization can significantly improve patients′ lung function and serum indicators, improve the treatment effect of the disease, and have higher application value.