The present invention discloses a co-catalyst for preparing hydrogen through photocatalytic decomposition of formic acid, and relates to the field of photocatalysis, wherein the co-catalyst is the mixture comprising one or more than two materials selected from CoPx, FePy, Ni2P and NiPz, x is more than 1 and is less than or equal to 4, y is more than 1 and is less than or equal to 4, z is more than 1 and is less than or equal to 4, and the co-catalyst is used for the preparation of hydrogen through photocatalytic decomposition of formic acid. The invention further discloses a photocatalytic system containing the co-catalyst, wherein the photocatalytic system comprises an organic semiconductor, the co-catalyst, a reaction substrate, and water. According to the present invention, the photocatalytic system completely uses the low-cost elements so as to provide the low cost, the addition of the organic solvent in the reaction is not required, the reaction is performed at the room temperature, and the method has advantages of visible light response, good catalytic system selectivity, high stability, and easy practical application.