The invention discloses chitosan tetra(p-sulfonic phenyl) metalloporphyrin which is prepared from the following raw materials in parts by weight: 30-35 parts of chitosan, 0.0300-0.0350 part of tetra(p-sulfonic phenyl) metalloporphyrin and 500 parts of distilled water. The preparation method comprises the following steps: carrying out a reaction at a constant temperature in a reaction container and suction filtration; washing by distilled water; then, washing unreacted metalloporphyrin through a Soxhlet extractor; and vacuum drying to obtain the tetra(p-sulfonic phenyl) metalloporphyrin. The preparation method of the product is simple, and compared with preparation methods of a homogeneous catalyst, the product is less in environmental pollution and easy to separate. The product is applied to catalyzing oxygen oxidized ethylbenzene to produce acetophenone and DL-1-phenethyl alcohol. In the process of catalyzing oxygen oxidized ethylbenzene, recovery and repeated catalysis can be carried out for at least four times. The average conversion rate of ethylbenzene is 16.84-33.01%, and the average productive rate of ketone alcohol (sum of acetophenone and DL-1-phenethyl alcohol) is 13.52-27.33%.