Effect of calcination condition on the water-tolerant stability of ethylbenzene dehydrogenation catalyst was studied. It was found that increase in calcination temperature and calcination time is favorable to enhancement of the water-tolerant stability of the catalyst, inhibiting the decline in mechanical strength and increase in attrition when the catalyst is subjected to water atmosphere. Possible cause for this is that variation in calcination condition promotes formation of KFe11O17, which is stable to water owing to its structure. The experimental results were well explained by BET, pore structure, XRD and Mōssbauer measurement.