A method for preparing cracking catalyst. The method comprises making catalyst slurry having a homogeneous distribution of molecular sieve slurry, pseudoboehmite, clay, inorganic acid and aluminum-containing binder; and subsequent spray drying. Inorganic acid is added prior to the addition of pseudoboehmite; addition of molecular sieve is added after the addition of inorganic acid; and a phosphatic dispersant is added during preparation. Compared to conventional methods of preparing FCC catalyst slurry, the inventive catalyst slurry viscosity is decreased and the fluidity thereof is improved, while catalyst anti-friction is maintained. The solid content of the FCC catalyst slurry can be increased to about 40% or more. The gel forming time is significantly reduced with increased productivity and decreased catalyst production cost. Meanwhile, the catalyst has high pore volume and improved micro-reactivity. Overall reactivity performance of the catalyst is also improved.