The present invention discloses a phosphorus-containing zeolite having MFI type structure. The anhydrous composition (based on the mole ratios of oxides) of the above zeolite is0.01-0.3Na.sub.2 O.Al.sub.2 O.sub.3.0.2-1.5P.sub.2 O.sub.5.30-90SiO.sub.2Said zeolite possesses a X-ray diffraction pattern listed in Table 1. The pore volume ratio of 1.0-10 nm mesopore to 10-membered ring pore is no less than 0.5. The crystal particle size of said zeolite is in the range of 0.8-2.0 micron. Said zeolite exhibits superior hydrothermal stability in catalytic conversion of hydrocarbons. Especially, when said zeolite is applied in catalytic cracking of hydrocarbons, it will enhance the crackability of large molecules, improve gasoline octane value and stability, and reduce the sulfur content in the gasoline as well.