The invention relates to a method of selective hydrogenation refining of ethylene. An adiabatic bed reactor for hydrogenation is located after an ethylene rectification column and before an ethylene polymerization reactor. A Pd-Ag-series catalyst is arranged in the adiabatic bed reactor with an alumina-series carrier. During preparation of the catalyst, the alumina-series carrier is combined with a bipyridine derivative having a hydroxyl group, wherein a metal complex is formed from the hydroxylbipyridine derivative combined on the carrier and active components. Activity and selectivity of the hydrogenation method are greatly better than those in a conventional hydrogenation method, and outlet acetylene content is significantly reduced than that of another two hydrogenation methods. Purity of ethylene is increased so that performance of a polymerization-grade ethylene product is improved. Through reduction on green oil, active center of the catalyst is not covered by side product, so that the activity and the selectivity of the catalyst are maintained well, thereby prolonging the service life of the catalyst.