The invention relates to a phosphine-substituted vinyl containing metallocene catalyst, and also to the preparation process of the same as well as to the application of the catalyst. The catalyst has the general formula of Cp.sub.2(CR.sup.1.dbd.CR.sup.2(P(R.sup.3).sub.2))MX, wherein Cp is a ligand containing cyclopentadiene having 1.about.5 substitutions, of which two neighbors connecting to each other to form fused rings having more than two members; R.sup.1-R.sup.3 is selected from the groups consisting of hydrogen, C.sub.1.about.C.sub.18 alkyl or perfluoro-alkyl, C.sub.6.about.C.sub.24 aralkyl or alkaryl; M is selected from the groups consisting of metals of the IVB group; and X is selected from the groups consisting of halogens, C.sub.1.about.C.sub.24 alkyl alkoxyl, silicone or alkaryl. With aluminoxane or modified aluminoxane, aluminum alkyl, halogenated aluminum alkyl or their mixture as the catalyst promoter the phosphine-substituted vinyl containing metallocene catalyst may be employed as the major catalyst for the polymerization or copolymerization of alpha-olefin. Due to its high activity, the polymerization may occur at both high and low temperatures with the polymer having higher molecular weight and broader molecular weight distribution.