The invention relates to a GTO (direct preparation of low carbon olefin from synthetic gas) catalyst used for a fluidized bed and a preparation method of the GTO catalyst. The problem that in the prior art, since the Fischer-Tropsch synthesis is a strong exothermic reaction, when a fluidized bed is used, heat in a reactor is hard to dissipate, so that the temperature is easy to rise, the catalyst is prone to be inactivated, and the weight selectivity of low-carbon olefin is low is mainly solved. The GTO catalyst comprises, by weight part, a) 10-70 parts of a carrier selected from at least one of a Zr or Ti oxide, and b) 30-90 parts of an active component including, based on an atomic ratio, the following composition having a chemical formula of Fe<100>ABC<c>O<x>, wherein A is selected from one of Zn or Cd, B is elected from one of Ga or In, and C is one of alkaline-earth metals. According to the technical scheme, the problem is well solved. The GTO catalyst can be used for industrial production of low-carbon olefin through the Fischer-Tropsch synthesis.