In order to prepare hydrocracking catalyst with high catalytic performance for producing chemical raw materials, NiW supported catalysts was prepared with Ni−P co‐modified Y zeolites as the supports for the hydrocracking of naphthalene. Y zeolites were impregnated with different Ni−P contents, and the effects of Ni−P co‐modification on the physicochemical properties of Y zeolites, the properties of the active phases of the catalysts and the catalytic performance of catalysts were analyzed via a series of characterization methods. Ni−P co‐modification could effectively improve the pore properties and acid properties of Y zeolites, and made the acid density and acid strength of Y zeolites meet the requirements of selective cracking of naphthalene. Ni−P co‐modification could also effectively improve the reducibility of active metals,dispersion and stacking number of active phases of the catalysts, which greatly improved the selectivity of the target product (C6−C8) of the catalysts. Compared with NiW/HY, the yield of C6‐C8 products of NiW/2‐Ni/P−Y increased by 30.8 %. It is expected to provide a feasible strategy for the design and preparation of hydrocracking catalysts for the production of chemical raw materials in the integration of refining and chemical industry.