Herein we report a covalent cage TPE-Zn4 based on a tetraphenylethylene molecule via subcomponent self-assembly, which is templated by zinc ions. TPE-Zn4 features a quadrangular prismatic cage structure, which is characterized by NMR, mass spectrum, and single-crystal X-ray diffractions. TPE-Zn4 emitted orange fluorescence (λem = 620 nm) in DMSO solution under the irradiation of UV light (λex = 395 nm) and can be applied as a fluorescence sensor for selectively detecting Pd2+. The fluorescence of TPE-Zn4 was quenched by Pd2+ in DMSO solution, and a very low detection limit of 62.3 nM was achieved. Mechanism studies reveal that the Pd2+ can replace the Zn2+, and the heavy atom effect and chelation-enhanced quenching effect between the Pd2+ and the cage probably cause the fluorescence quenching.