AgY, CeY, and AgCeY zeolites were successfully prepared and characterized by X-ray diffraction (XRD), X-ray photoelectron spectroscopy (XPS), thermogravimetry-differential thermogravimetry (TG-DTG), and Fourier transform infrared (FT-IR) spectroscopy. The adsorptive desulfurization properties of the adsorbents were evaluated in a fixed-bed unit through different types of model gasoline. The results showed that the AgCeY zeolite has a high desulfurization capacity, similar to that of AgY, and the adsorption affinity for sulfur compounds from model gasoline has the following order: benzothiophene > thiophene. In addition, AgCeY zeolite also has a high selectivity similar to CeY, and the effect on the zeolites for sulfur removal ranks in the following order: pyridine > cyclohexene > toluene. The AgCeY zeolite removes organic sulfur compounds by two types of adsorption modes: pi-complexation and direct coordination (S-M) interaction.