The invention discloses a catalyst with a preparation method for wax selective isomerization, which is characterized in that the catalyst comprises a TON-type molecular sieve, a plurality of inorganic and molten resistant oxides, and a plurality of noble metals; a plurality of rare-earth elements are in the TON-type molecular sieve with oxides covering 1 to 20 percent of the total weight of the molecular sieve; the catalyst adopts the preparation process that: the rear earth elements are first put on the molecular sieve to form a molecular sieve with rear earth, and then the catalyst is prepared. The invention has the advantages of high efficiency for goal products, low pour point, and high viscosity index, and is particularly suitable for the hydrotreatment of the lube distillate.