The invention belongs to the field of catalysts, and particularly relates to an environment-friendly catalyst for preparing propylene by directly dehydrogenating propane and a preparation method of the catalyst, wherein the particle size of the catalyst is 40-150 [mu] m; the catalyst comprises 30%-70% of a Zn-doped Hbeta molecular sieve, 15%-50% of Al2O3 and 3%-30% of a multi-element active modifier, wherein the modifier comprises at least one element of W, Mo, Mn, Zr, Ni, Fe and Co as a first modifier, at least one element of Ga, In, P, La and Ce as a second modifier, and any one element of Sr, Ba, Ca, Mg, Na and Li as a third modifier, and the sum of the mass percentages of oxides of all the element components is 100%. The prepared fluidized bed dehydrogenation catalyst is low in cost and good in wear resistance, and has good dehydrogenation activity and stability when used for propane dehydrogenation.