The invention discloses a making method of Y-typed molecular sieve, which comprises the following steps: (1) doing ion exchange through the solution with phosphoric compound and ammonium salt for NaYmolecular sieve; filtering; washing; sintering; obtaining the phosphoric modified Y-typed molecular sieve; (2) exchanging ion for the phosphoric modified Y-typed molecular sieve and rare earth salt solution or the composite solution of rare earth salt and inorganic ammonium salt; filtering; washing; sintering; obtaining the product. The invention improves the activity of catalyst, hydrothermal stability and coke selectivity, which reduces the olefin content in the petrol obviously.