The invention discloses an iron-based catalyst prepared by a sol-gel combustion method, which is characterized by containing a metal element Fe, a metal element A and a metal element B, wherein A is at least one selected from the group consisting of Mn, Co, Cu, Zn, Ti, Al, Cr, Ni, Ce, and Zr; B is at least one selected from the group consisting of Li, Na, K, Mg, and Ca; each metal element exists in the form of a metal simple substance and/or a metal oxide; and the content of the metal element A in the catalyst is 0.1-50 wt%, the content of the metal element B in the catalyst is 0.01-40 wt%, and the content of the metal element Fe in the catalyst is 50-99 wt%, based on the total amount of the metal elements contained in the catalyst. The catalyst has good resistance to carbon deposition, is used for reaction of preparation of low-carbon olefins by use of synthetic gas, and shows higher catalytic activity and low-carbon olefin selectivity.