Provided are a bifunctional catalyst for deep desulfurization and gasoline quality improvement and a preparation method therefore and a use thereof. The bifunctional catalyst includes a modified catalyst and a loaded active metal, where the modified catalyst carrier is a γ-Al2O3 modified with a rare earth element, or the modified catalyst carrier is a composite carrier prepared by mixing and calcinating γ-Al2O3 and an acid molecular sieve through a binder, and then modifying with the rare earth element. The bifunctional catalyst for deep desulfurization and gasoline quality improvement can achieve deep desulfurization of high-sulfur fluid catalytic cracking gasoline, and ensure no significant loss of octane number under relatively mild conditions.