The present invention relates to a supported polymetal olefin polymerization catalyst, comprising a porous support, a magnesium-containing support component, a transition metal titanium component supported on the porous support, and further comprising at least one non-magnesium metal component supported on the porous support. Further provided is a preparation method and a use of the supported polymetal olefin polymerization catalyst. An efficient composite support supported polymetal Ziegler-Natta catalyst is provided in the present invention, wherein a porous support, a soluble magnesium compound, and a soluble non-magnesium metal compound are used as raw materials. The supporting of titanium is achieved while a composite support containing magnesium and non-magnesium metal components is formed in situ in the surface of the porous support. The present invention has the advantage of a simple preparation method, a low cost, a controllability of morphology, properties of the catalyst, etc. Comparing the provided catalyst with the same type of magnesium/titanium catalyst free of non-magnesium metal components, the catalytic performance such as polymerization activity, hydrogen regulation sensitivity and copolymerization performance are significantly improved.