The invention relates to a magnesium modified chromium-based catalyst for vinyl polymerization and a preparation method of the magnesium modified chromium-based catalyst. The catalyst contains a chromium compound, a magnesium modified silica-gel carrier and an alkyl aluminum compound, wherein chromium accounts for 0.01wt%-5.0wt% of total mass of the catalyst, the magnesium modified silica-gel carrier accounts for 70.0wt%-99.9wt% of total mass of the catalyst, the mass ratio of silica gel to a magnesium compound in the carrier is 100-20:1, and aluminum accounts for 0.05wt%-25.0wt% of total massof the catalyst. When the catalyst is applied to industrial production of polyethylene, produced polyethylene particles are good in form, high in bulk density and wide in molecular weight distribution; the preparation method of the catalyst comprises steps as follows: a magnesium salt solution of tetrahydrofuran is taken as a dispersion medium, silica gel is taken as a carrier, the chromium compound is taken as an active component, an organo-aluminum compound is taken as a promoter, modification of carrier silica gel and loading of the active component are realized by spray drying, then drying, high-temperature activation, reduction, reactivation and re-reduction are performed, and the catalyst product is obtained; the technological process of the method is simple and convenient, no chromium-containing wastewater is produced, and industrial implementation is facilitated.