Three industrially modified Y zeolites with a hierarchical structure were characterized by XRD, N2 adsorption–desorption, SEM, TEM, 27Al-/29Si-NMR, in situ pyridine-FTIR, and NH3-TPD techniques. The industrial hydrocracking catalyst of light diesel oil was prepared by kneading and extruding the mixture of 10 wt.% industrially modified zeolite, commercial alumina, nickel nitrate, and molybdenum oxide. The small amount of hierarchical Y zeolite in the hydrocracking catalyst plays a key role, resulting in selective hydrogenation of naphthalene and further ring-opening activity. The mesoporous structure of the zeolites provided an effective interface and improved the accessibility of acid sites to bulky reactants.