The invention relates to a super-stable Y-type molecular sieve containing phosphorus and rare earth, wherein the Y-type molecular sieve contains 4-11 wt% of rare earth, 0.05-10 wt% of phosphorus and 0.1-0.7 wt% of sodium oxide, and has the pore volume of 0.33-0.39 mL / g, the pore volume of the pores with the pore size of 2-100 nm accounts for 15-30% of the total pore volume, the unit cell constantis 2.440-2.455 nm, the non-framework aluminum accounts for less than 20% of the total aluminum, the lattice collapse temperature is more than 1050 DEG C, and a ratio of the amount of B acid to the amount of L acid is not less than 2.50. The preparation method comprises: preparing a rare earth-containing Y-type molecular sieve having a conventional unit cell size, calcining for 4.5-7 h at a temperature of 350-480 DEG C under 30-90% by volume of steam atmosphere, carrying out phosphorus modification treatment, and carrying out a contact reaction with silicon tetrachloride gas. According to the present invention, the Y-type molecular sieve has advantages of good hydrothermal stability, high heavy oil conversion activity, low coke selectivity, high heavy oil conversion diesel yield, high liquefied gas yield and high total liquid recovery.