The invention provides a selective hydrogenation catalyst for C5 fraction. The catalyst takes a compound of alumina and molecular sieves as a carrier and takes metals in the IA or IIA group, the VIII group, the IVA group and the IB group as active components. The compound carrier is soaked in aqueous solution of metallic compound in the IA/IIA group and is soaked in water soluble salt solution ofthe metals in the VIII group, nitrate solution of the metals in the IVA group and nitrate solution of the metals in the IB group by one step or multiple steps; after being soaked by one step, the compound carrier is dried for 12-20h at the temperature of 80-200 DEG.C, and then is calcined for 1-12 hours at the temperature of 350-650 DEG C. When the selective hydrogenation is carried out on unsaturated compounds in the C5 fraction by the catalyst, the transformation ratio of alkyne hydrogenation is more than or equal to 45%, the transformation ratio of dialkene is 15-35%, the content of alpha position olefin after hydrogenation is more than or equal to 15% and can meet the need of producing alpha-resin with high quality in the process of subsequent production, thus improving the quality ofthe alpha-resin products.