This paper studies the effect of the inflation factor and jump on an investor's optimal allocation strategy with event risk under inflation. First, through deducing the dynamics of the asset price discounted by inflation, a stochastic optimal control model for dynamic asset allocation with inflation is established under the event-risk framework, where the asset price and return volatility follow jump-diffusion processes. Second, by using the dynamic programming principle, we derive approximate analytical solutions to the optimal portfolio problem for the investor with power utility. Finally, the influence of the inflation volatility, asset price jump size and return volatility jump size on an investor's optimal asset allocation strategy in simplified model is analyzed through the Matlab.