The invention relates to a catalyst of a 1, 2-propanediol prepared by hydrogenolysis of glycerine. The catalyst is a compound oxide, and contains cuprocide (weight fraction) 25 percent to 60 percent, zinc oxide 35 percent to 70 percent, aluminum oxide (weight fraction) 0 percent to 10 percent and at least one or a plurality of rare-earth oxides 0.5 percent to 10 percent of rare earth elements, such as Y, La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, etc. The catalyst is used in continuous hydrogenolysis reaction of glycerine, in which the conversion rate of the glycerine is high, the selectivity of the 1, 2-propanediol is high and the activity of the catalyst is very stable. The invention also provides the preparation method of the catalyst and application of the catalyst in preparation of 1, 2-propanediol by hydrogenolysis reaction of glycerine.