The invention relates to a Pt-Pd bimetallic catalyst for NO oxidation. The Pt-Pd bimetallic catalyst comprises a carrier, the carrier is coated with a coating loading precious metal Pt and precious metal Pd, the coating comprises a manganese-aluminum composite oxide and a molecular sieve, the weight ratio of manganese to aluminum oxide in the manganese-aluminum composite oxide is 1:9-99, the coating amount of the coating is 80-180 g/L, the coating amount of the precious metal Pt and the precious metal Pd is 0.5-4.5 g/L, and the weight ratio of the precious metal Pt and the precious metal Pd is (15-1):1. According to a preparation method of the Pt-Pd bimetallic catalyst, firstly, the manganese-aluminum composite oxide is prepared in an equivalent-volume impregnation and high-temperature activation manner; secondly, slurry is prepared, and the precious metal Pt and the precious metal Pd are added; finally, the carrier is soaked into the slurry, dried and sintered to prepare into the catalyst. The preparation method of the catalyst is simple and easy to operate, the prepared catalyst has remarkable oxidizing capacity for NO in tail gas of a diesel vehicle, the conversion ratio of produced NO2 is high, a conversion temperature window of the NO2 is wide, the heat stability of the catalyst is good, and the catalyst has high HC and CO oxidizing capacity.