The invention relates to a preparation method of a catalyst for propane oxidative dehydrogenation to propylene. The catalyst comprises an active ingredient, an additive and a carrier. The preparation method is as below: treating a waste residue oil hydrogenation catalyst to prepare a catalyst precursor A; reducing the catalyst precursor A in a reducing atmosphere; adding the reduced catalyst precursor A and a polyol solution into a high pressure reactor, carrying out a hydrogenation reaction, placing a reaction effluent, filtering and dying to obtain a catalyst precursor B; and dissolving the active ingredient precursor in water to obtain a solution C, then adding the catalyst precursor B, drying and calcining to obtain the catalyst. The method of the present invention not only makes full use of waste residue oil hydrogenation catalyst, saves cost, but also promotes dispersion of more active ingredients on the surface of the carrier. The method both improves the utilization of the active metal and the conversion of propane and selectivity of propylene.