A method for producing double-component modified molecular sieve comprises adding molecular sieve to an aqueous solution containing phosphorus to form a mixture, allowing the mixture to react at pH of 1-10, temperature of 70-200° C. and pressure of 0.2-1.2 MPa for 10-200 min, and then filtering, drying and baking the resultant to obtain phosphorus-modified molecular sieve, and then adding the phosphorus-modified molecular sieve to an aqueous solution containing silver ions, allowing the phosphorus-modified molecular sieve to react with silver ions at 0-100° C. in dark condition for 30-150 min, and then filtering, drying and baking. The obtained double-component modified molecular sieve contains 88-99 wt % molecular sieve with a ratio of silica to alumina between 15 and 60, 0.5-10 wt % phosphorus (based on oxides) and 0.01-2 wt % silver (based on oxides), all based on dry matter. A catalyst produced from the double-component modified molecular sieve has improved hydrothermal stability and microactivity.