The invention provides a catalytic cracking catalyst containing a Y molecular sieve. The catalytic cracking catalyst containing the Y molecular sieve comprises the following components: an H-type Y molecular sieve, kaolin and an aluminum sol component; and on the basis of taking the H-type Y molecular sieve as an active component and the total weight of the catalyst, the content of the H-type Y molecular sieve is 15 to 50 percent by weight, the content of the kaolin is 40 to 60 percent by weight and the content of the aluminum sol based on Al2O3 is 10 to 25 percent by weight. The invention also provides a preparation method of the catalytic cracking catalyst containing the Y molecular sieve. When the used Y molecular sieve is prepared, a certain amount of surfactant is added into the final synthesis mixture. By adoption of the method provided by the invention, the catalytic cracking catalyst containing the high-dispersibility small-grain-size Y molecular sieve can be obtained efficiently and conveniently. Compared with the prior art, the catalytic cracking catalyst has higher catalytic activity.