A modification method for a Y-type molecular sieve includes the steps of: a) adding water to NaY molecular sieve to pulp the molecular sieve, and adding polyhydroxy alcohol to the molecular sieve according to the alcohol-to-sieve ratio of 1-20:1, and treating the mixture at 80-200 DEG C to prepare slurry A; b) mixing the slurry A with organic alkali to prepare slurry B according to the alkali-to-sieve ratio of 0.1-1:1, and successively adding an aluminum source and a silicon source and aging the mixture to obtain slurry C, wherein the mass ratio of the aluminum source, on the basis of Al2O3, to the NaY molecular sieve is 0.1-1:1, the mass ratio of the silicon source, on the basis of SiO2, to the aluminum source, on the basis of Al2O3, is 0.1-0.5:1, and the silicon source is added after the aluminum source is fully and uniformly mixed with the slurry B; and c) performing hydrothermal crystallization to the slurry C in a sealed reaction kettle and collecting a product. The method can increase the silicon-aluminum ratio of framework of the molecular sieve and improve distribution of acidity, and meanwhile, ensures that the molecular sieve has better hydrothermal structural stability and excellent heavy oil conversion performance.