The invention relates to phosphorus and rare earth synergistically modified ZSM-5. The phosphorus and rare earth synergistically modified ZSM-5 is composed of the following substances in percentages by mass: 1% to 5% of bentonite, 3% to 5% of titanium dioxide, 3% to 5% of calcium oxide, 2.5% to 3.8% of zinc oxide, 1.1% to 2.7% of copper oxide, 1% to 2.5% of a toughening modifier, 1.1% to 2.1% of acoupling agent, 5.5% to 15% of sepiolite, 4% to 6% of ethyl silicate, 3% to 9% of hollow glass beads, 20% to 35% of aluminum ash, 6% to 11% of quartz sand, 2% to 5% of sodium carbonate, 3.5% to 5.5%of phosphorus pentoxide and 1.1% to 4.8% of light rare earth, with the balance being a silica sol. The method for increasing propylene yield by catalysis comprises two steps, i.e., a step of raw material pretreatment and a step of material mixing. The phosphorus and rare earth synergistically modified ZSM-5 provided by the invention effectively improves the hydrothermal stability of a ZSM-5 molecular sieve, has high activity, long service life and good propylene selectivity, has good compounding effect with a catalytic cracking main catalyst in propylene production, can greatly improve the catalytic cracking conversion efficiency of raw materials, greatly increases the production efficiency of liquefied gas and the content of propylene in the liquefied gas, thereby achieving the purpose ofimproving the efficiency and quality of propylene production operation.