The invention relates to the field of water electrolysis, and particularly discloses a catalyst for a water electrolysis hydrogen production system and a preparation method of the catalyst. The preparation method of the catalyst for the water electrolysis hydrogen production system comprises the following steps: S1, preparing a porous carbon material; s2, performing surface modification on the porous carbon material by using a coupling agent; s3, mixing gamma-manganese dioxide, cobalt nitrate and nickel nitrate, adding absolute ethyl alcohol to form a mixed solution, adding the porous carbon material, carrying out hydrothermal reaction, adding a sulfur-containing compound solution, uniformly mixing, filtering, adding into N, N-dimethylformamide, refluxing, centrifuging, washing and drying to obtain an intermediate; and S4, putting the intermediate into a mixed solution prepared from graphene oxide, carbon nanotubes and a DMF solution, adding chloroplatinic acid, performing ultrasonic treatment, adding a reducing agent, and annealing to prepare the catalyst for the water electrolysis hydrogen production system. According to the catalyst for the water electrolysis hydrogen production system, the transition metal oxide is used for reducing the use amount of precious metal, the stability is high, and the catalytic activity is good.