The invention relates to a catalyst and method for preparing 1, 3- propylene glycol. The catalyst and method mainly aim at solving the problems that in the prior art, dimethyl malonate is low in conversion rate, and the 1, 3- propylene glycol is poor in selectivity. The catalyst comprises, by weight, 20-50 parts of metallic copper or an oxide of the metallic copper, 0-30 parts of one or more elements selected from transition metals or one or more oxides of the transition metals and 30-60 parts of carriers, wherein the carriers are selected from one or more of silicon oxide, aluminum oxide and molecular sieves, and the elements or oxides of the transition metals are not null. By means of the catalyst and method for preparing the 1, 3- propylene glycol, the mentioned problem is well solved; and the catalyst and method can be applied to industrial production of the 1, 3- propylene glycol.