The invention relates to the field of olefin polymerization and provides a catalyst component for olefin polymerization and a preparation method and use thereof. The preparation method comprises that a magnesium halide alcoholate carrier, a titanium compound and an internal electron donor contact and undergo a reaction, wherein the internal electron donor contains an alcohol ester compound. A preparation method of the magnesium halide alcoholate carrier comprises that magnesium halide alcoholate melt goes through a structural unit having a pore and contacts with a liquid cooling medium under pressure. The invention provides a catalyst for olefin polymerization and its use in an olefin polymerization reaction. Compared with the existing catalyst, the catalyst prepared from the magnesium halide alcoholate carrier has good hydrogen sensitivity and/or stereoregularity and lays the foundation of development of high value-added polypropylene resin.