The present disclosure discloses a catalyst composition for olefin polymerization, comprising the following components: a): a solid catalyst component containing magnesium, titanium, halogens, and at least one internal electron donor having a lone pair of electrons; b): an aluminum alkyl compound; and c): an external electron donor containing a first external electron donor C1, which is a malonate compound. In the present disclosure, a catalyst composition having an external electron donor that contains a malonate compound is used in olefin polymerization, in particular propene polymerization, and can significantly improve catalytic activity and hydrogen response of the catalyst and expand molecular weight distribution of polymers, which facilitates development of different polymers.