The invention relates to an olefin polymerization catalyst containing beta-diketone metal complex, its preparation and application. The preparation comprises the following steps: letting potash, potassium iodide, acetylacetone, an acetone solvent of 2,2,6,6-tetramethyl-3,5-heptadione or 1,1,1,5,5,5-hexafluoroacetylacetone, and an acetone solvent of 4-chloromethyl styrene be subject to reaction toobtain an olefin monomer A containing beta-diketone dentate; dispersing template high-molecular microballoons in water, adding the olefin monomer A containing beta-diketone dentate, a copolyolefin monomer B, potassium persulfate, sodium peroxydisulfate or ammonium persulfate and divinylbenzene for copolymerization to obtain cage high-molecular microballoons containing beta-diketone ligand; and adding titanium tetrachloride, zirconium tetrachloride or vanadium tetrachloride at the temperature of -10 to -80 DEG C to obtain the cage high-molecular microballoon loading olefin polymerization catalyst containing beta-diketone metal complex. According to the invention, the spacing steric hindrance of the ligand, and the contact frequency and catalytic activity of the catalyst are improved.