The invention discloses a supported type high-selectivity bimetallic catalyst with a core-shell structure as well as a preparation method and application thereof. An SBA-15 is taken as a supporter, Ptis taken as an active ingredient, 3d transition metal is taken as an aid, and the 3d transition metal and Pt define the bimetallic catalyst with the core-shell structure, wherein on one hand, intranuclear 3d metal is added, so that the d belt center of the surface Pt atom is reduced, and adsorption on propylene is weakened, and therefore, selectivity on propylene is improved, on the other hand, 3d transition metal is added, the dosage of Pt can be reduced, reduction of Pt is realized, and utilization of Pt is more efficient. The catalyst is suitable for hydrogen atmosphere, has very good effect on propylene prepared by propane dehydrogenation, has very high dehydrogenation activity under a high-temperature condition, has overall selectivity of 85% on propylene, and realizes very high propylene selectivity.