The invention relates to a catalyst for dehydrogenating propane to prepare propone, which uses thermal-resistant oxide as carrier, uses palladium-group metal as main catalyst, uses IV A group metal and rare-earth metal as agents, uses halogen as modifier, and uses inorganic oxide with high temperature resistance as adhesive. The inventive catalyst under high temperature and low pressure has higher propane transfer rate, propone selectivity and reaction stability. And the preparation comprises that at 60-100Deg. C, immerging thermal-resistant oxide with rare-earth metal water solution for 2-10h, at 60-180Deg. C baking for 2-10h, at 400-600Deg. C baking for 3-10h, immerging said carrier and the water solution which contains palladium metal and IVA metal at 60-100Deg. C for 2-10h, and baking for 2-10h at 60-180Deg. C, adding adhesive, protruding agent and acid gel solvent, protruding and shaping, baking for 2-10h at 60-180Deg. C, activating for 3-10h at 400-600Deg. C, and reducing for 2-10h in hydrogen flow at 400-600Deg. C.