The present invention relates to a cracking catalyst composition for cracking heavy hydrocarbon and processes for preparing the catalyst. The process can include treating zeolite with sodium free basic compound with or without phosphate, treating an alumina with a dilute acid, acidifying a colloidal silica, preparing a fine slurry of clay with a source of phosphate, adding alumina slurry and/or acidified colloidal silica to clay phosphate slurry, adding treated zeolite and spray-drying the slurry and calcining the same to obtain a cracking catalyst having adequate ABD and attrition resistance property.