The present invention provides a preparation method of a catalyst component for olefin polymerization, comprising firstly dissolving an anhydrous magnesium halide into a mixed solvent which comprises an oxygen-containing organic titanium compound, an organic epoxy compound, a hydroxy-containing compound, and an inert solvent, and does not comprise a phosphate compound, so as to form a magnesium halide solution; then mixing the magnesium halide solution with a halogen-containing compound to precipitate a solid, so as to obtain the catalyst component, wherein the halogen-containing compound comprises at least one selected from a group consisting of halogen and titanium-containing compounds, halogenated organic hydrocarbon compounds, acyl halide compounds, halogen and phosphorus-containing compounds, halogen and boron-containing compounds, halogenated organic aluminum compounds, and halogen and silicon-containing compounds. The catalyst component prepared by the present invention has better particle morphology, and a good hydrogen response, and thus is favorable to use of the catalyst in a slurry or gas polymerization process device.