The invention discloses a catalyst component for olefin polymerization, and catalyst system including the catalyst component. The catalyst component includes a reaction product prepared from a magnesium halide adduct MgX<1>Y-mR<1>OH-n(LB1)-k(LB2)-p(LB3), a titanium compound and an optional internal electron donor, wherein LB1 is an alkoxy benzoate series compound represented by formula II, LB2 is a hydroxyl benzoate series compound represented by formula III, and LB3 is R<6>OH. The catalyst system formed by the catalyst component has high catalysis activity in olefin polymerization and especially propylene polymerization, and can effectively improve the productivity of a lifting device; and the catalyst system also has high stereospecificity, and alpha-olefin polymers prepared in the invention have high isotacticity. The particle form of the magnesium halide adduct used in the catalyst component is good, so the obtained polymers also have a good form.