The invention discloses a dehydrogenation catalyst and a preparation method thereof. The catalyst adopts ZSM-5 molecular sieve doped alumina as a carrier, Pt as an active component and Sn and Na as assistants, and the catalyst comprises, by weight, 0.1-5% of Sn, 0.05-1% of Pt, 0.01-2% of Na, and the balance of the carrier; and the carrier comprises 20-50 wt% of ZSM-5 molecular sieve, wherein the relative crystallinity of the ZSM-5 molecular sieve is 40-80%. The preparation method comprises the following steps: 1, mixing the ZSM-5 molecular sieve, alumina, Sesbaria cannabina powder and a diluted nitric acid solution, beating the obtained mixture, kneading the beaten mixture, extruding the kneaded mixture to form strips, drying the strips, and roasting the dried strips to obtain the carrier; 2, loading the assistant Sn to the carrier; and 3, impregnating the carrier obtained in step 2 in an impregnating solution containing the active component, drying the impregnated carrier, and roasting the dried carrier to obtain the dehydration catalyst. The catalyst has high alkane conversion rate, high olefin selectivity and good stability in a low-carbon alkane dehydrogenation reaction.