The invention relates to an Mg/Al/X ternary composite metal oxide catalyst and a preparation method thereof. The catalyst is characterized in that the catalyst consists of magnesium, aluminum and ternary metal elements, and the surface of a catalyst product is distributed with an aperture of which diameter is 1 to 20mu m and a protrusion of which height is 0.1 to 10mu m; and the ternary metal elements contain Ce, Dy, Fe, Mn, Co, Cd, Zn or Ni soluble salt comprising nitrate, hydrochloride, sulfate, phosphate or perchlorate. The preparation method for the catalyst comprises the following processes in turn: precursor preparation, crystallization, secondary crystallization, molding and calcination. The catalyst is applicable to the production process of the conventional kettle-type or intermittent polyether product, has good narrow molecular-weight distribution effect for the synthesis of the polyether product, has high catalytic rate, and can be recycled.