The invention relates to a low-water-to-ethylbenzene-ratio ethylbenzene dehydrogenation catalyst and a preparation method therefor. The low-water-to-ethylbenzene-ratio ethylbenzene dehydrogenation catalyst and the preparation method therefor are mainly used for solving the problem in the former technologies that the catalyst stability is poor. According to the low-water-to-ethylbenzene-ratio ethylbenzene dehydrogenation catalyst and the preparation method therefor, through adopting the technical scheme that the low-water-to-ethylbenzene-ratio ethylbenzene dehydrogenation catalyst contains the following ingredients in percentage by weight: 62% to 72% of Fe2O3, 2% to 9% of K2O, 4% to 7% of K2WO4, 6% to 12% of CeO2, 0.5% to 5% of MoO3, 0.5% to 5% of MgO, 0.5% to 5% of CaO, 0.5% to 5% of at least one rare-earth oxide selected from Pm2O3, Eu2O3, Gd2O3 and Dy2O3, 1.5% to 5% of binder selected from kaolin, diatomite and concrete and 0.05% to 5% of at least one of Pb, Zn and Ti oxides, the catalyst can be applied to the industrial production of preparation of styrene through ethylbenzene dehydrogenation under low-water-to-ethylbenzene-ratio conditions.