The present invention discloses a catalytic cracking catalyst and a preparation process therefor. The catalytic cracking catalyst comprises a cracking active component, 10 wt %-70 wt % of a clay on the dry basis, and 10 wt %-40 wt % of an inorganic oxide binder (as oxide), relative to the weight of the catalytic cracking catalyst, wherein said cracking active component contains, relative to the weight of the catalytic cracking catalyst, 10 wt %-50 wt % of a modified Y-type zeolite on the dry basis and 0-40 wt % of other zeolite on the dry basis, wherein said modified Y-type zeolite is characterized by having a unit cell size of 2.420-2.440 nm; as percent by weight of the modified Y-type zeolite, a phosphorus content of 0.05-6%, a RE2O3 content of 0.03-10%, and an alumina content of less than 22%; and a specific hydroxy nest concentration of less than 0.35 mmol/g and more than 0.05 mmol/g.