The invention provides a methanation catalyst. The methanation catalyst comprises a carrier, Ni and a stabilizer, wherein Ni and the stabilizer are loaded to the surface of the carrier, and the stabilizer comprises Au or Ag. According to the methanation catalyst provided by the invention, Ni serves as an active ingredient, the stabilizer and Ni present an alloying effect and an electronic effect after the stabilizer Au or Ag is introduced, Ni particles are not prone to growing due to the presence of the stabilizer, the reducibility of Ni is changed, the interaction between Ni and the carrier is weakened, Ni can be stabilized and is not prone to a hydroformylation reaction with CO, and meanwhile, the carbon deposit volume of the methanation catalyst can be greatly lowered, so that the stability of the methanation catalyst under a special methanation process can be remarkably improved, the successful realization of the special methanation process is guaranteed, and then, the discharge ofwater is reduced and even avoided.