The invention belongs to the technical field of light-emitting diode (LED) light source and in particular relates to fluorescent powder for white LEDs and backlight LEDs. The chemical structural formula of the fluorescent powder is RE1xCexM2AlO5, wherein M is one or more of alkaline-earth metals; RE is one or more of La, Ce, Pr, Nd, Sm, Gd, Tb, Dy, Ho, Er, Tm and Lu in rare-earth elements; and x is more than or equal to 0.001 and less than 1. During preparation, nitrates of various elements serve as original reactants; NH4X, BaX2, SrX2, boric acid or borate serves as a cosolvent; a liquid phase method is adopted; the materials are burned at high temperature in air and then are reduced in reducing atmosphere; the prepared fluorescent powder has higher brightness and stability and a more complete crystal form. During preparation, oxalate and ammonia water serve as precipitating agents, so that the elements RE, Ce, Al and M in the structural formula are precipitated completely, and the phase purity of the fluorescent powder can be improved. The fluorescent powder can be used for preparing the white LEDs and the backlight LEDs.