A molecular sieve-containing catalyst for cracking hydrocarbons, comprising molecular sieve, refractory inorganic oxide, clay and a metal component, wherein the amount of said molecular sieve is from 1 to 90% by weight, the refractory inorganic oxide is from 2 to 80% by weight, the clay is from 2 to 80% by weight, and the metal component is from 0.1 to 30% by weight, calculated as the oxide of said metal having its maximum valence state, based on the total amount of the catalyst, wherein said metal component exists essentially in a reduction state and is one or more metals selected from the group consisting of metals of Group IIIA (other than aluminum), and metals of Group IVA, VA, IB, IIB, VB, VIB and VIIB, and non-noble metals of Group VIII of the periodic table. The catalyst has higher cracking activity and higher sulfur reduction activity.