The present invention discloses a polyethylene catalyst and a process for preparing the same, said catalyst being composed of a main component of catalyst and a cocatalyst, wherein the main component of catalyst is prepared by reacting: (1) a magnesium-alcohol complex, (2) an alkyl aluminum compound having a formula R.sup.3.sub.nAlCl.sub.3-n supported on silica, and (3) a titanium compound having a formula Ti(OR.sup.2).sub.mCl.sub.4-m, and the cocatalyst is an organic aluminum compound. The catalyst of the present invention has advantages including high polymerization activity, less difference between the polymerization activities at low hydrogen level condition and at high hydrogen level condition, stable polymerization reaction, good particle morphology of catalyst, and less fine powder of polymer product.