Based on the market requirement of increasing the ability of olefin reduction, improving the bottom cracking ability and product distributing, and at the same time maintaining the gasoline octane number stable, the third generation olefin reduction catalyst GORⅢ is developed. The industrial results show that the GORⅢ catalyst prepared by new matrix component ASP and modified active component has great ability of reducing olefin content with increased gasoline octane number, extended the gasoline induction period and improved catalytic gasoline performance. The GORⅢ catalyst has the advantages of high activity and selectivity, improved bottom cracking ability and high yields of light products.