Fano resonance with high Q-factor plays a pivotal role in the field of optoelectronic applications, especially refractive index sensing. However, ultra-high Q-factor for metallic metasurfaces has been a challenge due to their great ohmic losses. Herein, we propose and numerically analyze an all-dielectric hollow metasurface in the near infrared region which consists of silicon cylinders with two asymmetric rectangular hollows. A sharp Fano resonance with modulation depth close to 100% excited by quasi-bound state in continuum, whose Q-factor can reach 8428 when
δ
= 40 nm. With the Cartesian multipole decomposition technique, the two excited Fano resonances can be characterized by toroidal dipole response and magnetic dipole (MD) response, respectively. It is worth noting that the Q-factor of MD mode can reach 17106. Moreover, the dependence of the transmission spectra on different geometric parameters is investigated as well. Due to their narrow linewidths and strong near-field confinement, the proposed structure can be applied to a refractive index sensor, yielding a maximum sensitivity (S) of 160 nm RIU−1 and a maximum figure of merit of 575 RIU−1. It is believed that the proposed structure can offer an excellent prospect for biomedical, agriculture, and chemical sensing applications.