Disclosed are a Z-N catalyst for α-olefin polymerization and an application thereof, specifically, an industrial production catalyst consisting of (A) a solid catalyst component, (B) a cocatalyst organoaluminum compound and (C) an external electron donor compound and used for α-olefin polymerization or copolymerization processes. The catalyst component is prepared from a transition metal such as titanium and magnesium and a composite aromatic diacid diester/1,3-diether as an internal electron donor. One or more organoaluminum compounds or a mixture thereof serve as the cocatalyst. One or more structure control agent hydrocarbyl alkoxysilicons are compounded with one or more activity regulator organic acid esters as the external electron donor capable of automatically adjusting the polymerization rate. The Z-N catalyst is used for α-olefin polymerization/copolymerization, and can automatically adjust the polymerization rate at a higher polymerization temperature so as to maintain stable operation of a reactor.