The present invention relates to a catalyst for polymerization of olefin and the method of polymerization using the same, or more particularly, to a new catalyst for polymerization of olefin of a hybrid concept and the method of polymerization using the same, which comprises synthesizing a titanium compound chelated by means of amide and cyclopentadiene-based ligands, and activating the same by means of conventional MgCl.sub.2, etc., instead of using expensive methylaluminoxane. Moreover, the present invention can produce polymers of narrow distribution of molecular weights and even distribution of composition of co-polymers.