Abstract: The invention discloses a rare-earth Y-zeolite-containing catalyst for cracking hydrocarbons and a method for preparing the same. The catalyst is characterized in that the rare-earth content in crystal lattice of the rare-earth Y-zeolite, calculated in RE2O3, is from 4 to 15% by weight, the original unit cell size is from 2.440 nm to 2.465 nm and the equilibrium unit cell size after 100% steam-aging treatment at 800° C. for 17 hours is larger than 2.435 nm. The catalyst is obtained in the following steps: the rare-earth Y-zeolite is dried first till its water content less than 10% by weight, then in a weight ratio of SiCl4:Y-zeolite=0.1˜0.9:1, reacts with SiCl4 gas carried by dry air, further is purged by dry air and washed by decationized water to remove the soluble by-products; the resulted rare-earth Y-zeolite is mixed with a binder and a clay, pulped and formed by spary drying.