The invention provides a preparation method of an alloy catalyst for degrading formaldehyde. The method comprises the following steps: (1) adding a TiO2 nano material and a cerium compound into water,carrying out impregnation and stirring to disperse cerium onto the TiO2 nano material, carrying out drying, grinding and roasting to obtain a Ce/TiO2 solid material; (2) adding the Ce/TiO2 solid material into water, carrying out stirring until the Ce/TiO2 solid material is completely dispersed, adding a platinum compound, and carrying out impregnation and stirring to disperse platinum onto the Ce/TiO2 solid material; (3) adding an alkali solution as a stabilizer, uniformly carrying out stirring and mixing, then adding a reducing agent, and carrying out a reduction reaction; and (4) separatingthe solid obtained in the step (3), carrying out water washing, alcohol washing, drying and cooling, and then carrying out grinding to obtain the Pt-Ce/TiO2 catalyst. The method is simple and feasible, and no harsh reaction conditions are required. According to the prepared Pt-Ce/TiO2 catalyst, the Pt nano particles are stabilized through the addition of the cerium according to the method, so that the dispersity is improved, the nano particle size is reduced, abundant oxygen vacancies are provided, and formaldehyde can be effectively decomposed.