The invention discloses a preparation method of a hollow USY molecular sieve. The preparation method comprises 1, preparing a guiding agent, 2, preparing a mixed solution from an aluminum source, water and sodium hydroxide, adding a low silica-alumina ratio NaY molecular sieve and the guiding agent obtained through the step 1 into the mixed solution, carrying out uniform stirring, carrying out constant temperature crystallization on the gel at a temperature of 90-120 DEG C for 12-72h and carrying out cooling, washing, pumping filtration and drying to obtain a Y-Y composite molecular sieve, 3, carrying out ammonium exchange on the Y-Y composite molecular sieve prepared through the step 2, 4, treating the Y-Y composite molecular sieve subjected to ammonium exchange under hydro-thermal conditions and 5, washing the composite molecular sieve subjected to hydro-thermal treatment in the step 4 to obtain the hollow USY molecular sieve. The USY molecular sieve has more exposed reaction active sites, greatly shortens a reactant diffusion distance and improves molecular sieve catalysis performances.