The invention relates to a phosphor and rare earth modified molecular sieve, which contains 15-30% of Zn or Mg, 0.1-10wt% of P and 0.1-10wt% of La and/or Ce. A aluminum source on the molecular sieve surface is used, Zn(Mg)/Al/La(Ce) ternary hydrotalcite of carbonic acid radical pillared is subjected to in situ synthesis, an ion exchange method is used for preparing hydrotalcite of phosphoric acid dihydro radical pillared, a program temperature-raising calcination method is used, P2O5, La2O3 or Ce2O3 is highly dispersed on the surface and tunnel of the molecular sieve, thereby the acidity of the molecular sieve is enhanced. A hydrotalcite precursor method is used for modifying the molecular sieve, high dispersion of an active group is realized, the acidity and the stability of the molecular sieve can be substantially improved, and the molecular sieve provides a material possessing practical application value for heavy oil catalytic cracking catalysts.