The invention discloses a low-temperature combustion catalyst for eliminating diesel engine carbon black, the low-temperature combustion catalyst does not contain alkali metal and precious metal and is ferro-cerium-zirconium composite oxide; wherein the mole percentage composition of CeO2 is 50 percent, the mole percentage composition of Fe2O3 is 5-50 percent, and the mole percentage composition of ZrO2 is 45-0 percent; two preparation methods are included, the method I is coprecipitation hydrothermal synthesis method, the method II is mechanical mixing method; the method I comprises the following steps: Ce, Fe and Zr nitrates are prepared into saline solution with 0.1-0.5mol/L of total concentration according to stoichiometric ratio, and then H2O2 with proper amount is added, the mixture is fully stirred and mixed uniformly; under the strong stirring condition, the mixing solution is dropped in 3-8mol/L of ammonia water at 2-10mL/mim speed, so as to obtain precipitate; after the precipitating is completely carried out, the solution is continuously stirred for 30-120min. after aging is carried out for 30-180min, partial supernatant liquid is removed, the precipitate is transferred to a high pressure reactor (50-70 percent of filling degree) with 160-240 DEG C for 24-72 hours. The obtained product is washed respectively by deionized water and ethanol, and is dried 6-24h at 80-120 DEG C, so as to obtain the target catalyst. The material has high catalytic activity and heat stability, and has no pollution to environment.