The invention provides a hydrogenation catalyst preparation method and application of hydrogenation catalyst in selective hydrogenation reaction. Aluminum oxide is utilized as a carrier; the hydrogenation catalyst is prepared from boehmite; cane sugar, glucose and soluble starch are added into carrier precursor in a preparation process to serves as structural aids and are roasted in inert atmosphere and air sequentially, and roasting temperature is 450 to 1000 DEG C. Active ingredients of the catalyst are loaded by an impregnation method, and the active ingredients are chosen from alloy which is prepared from one or several of metal Ru, Pd and Pt and one or several of Cu, Ag and Au. The catalyst can be applied to olefin preparation by alkyne selective hydrogenation reaction.