The invention relates to a preparation method of a cracking catalyst, which comprises the steps as follows: mixing a Y-type zeolite with a matrix, pulping and spray drying; and the preparation method is characterized in that the Y-type zeolite is an NaY zeolite, and the preparation method also comprises the steps as follows: contacting the catalyst powder obtained by spray drying with solid salt containing exchange ions to carry out ion exchange, washing and drying steps, contacting the catalyst powder with the solid salt containing the exchange ions to carry out ion exchange for once or multiple times, the contact temperature being 120-300 DEG C, performing washing, drying or undrying after exchanging, wherein the exchange ions are ammonium ions and/or rare earth ions, the NaY zeolite is directly used for preparing the catalyst after crystallization and synthesis and removal of mother liquor or mixing and pulping with the matrix and preparing the catalyst. The cracking catalyst prepared by the preparation method has high activity, good wear-resisting property, low preparation cost and stable quality.