PURPOSE: To obtain a catalyst by which an acetylene compound contained in olefin can be removed with favorable selectivity, by a method wherein Pd and at least one metal selected from the group consisting of Cs, Mg and Zn are supported on a carrier consisting mainly of alumina.

CONSTITUTION: Pd and at least one metal selected from the group consisting of Cs, Mg and Zn (hereinafter, referred to as "component α" are supported on a carrier consisting mainly of alumina to produce the catalyst. By using the catalyst, an acetylene compound contained in olefin can be removed with high activity and favorable selectivity, and by-production of polymerized oils can be markedly suppressed. The content of Pd in the catalyst is 0.005W1wt%, while that of the component α is 0.001W2wt%. The catalyst is used for a reaction for hydrogenating an acetylene compound to an olefin level, and is particularly effective for use in a reaction for selectively hydrogenating an acetylene compound contained in olefin obtained by thermal cracking of a hydrocarbon.