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We extend Katok’s result on ‘the approximation of hyperbolic measures by horseshoes’ to Banach cocycles. More precisely, let f be a 
$C^r(r>1)$ diffeomorphism of a compact Riemannian manifold M, preserving an ergodic hyperbolic measure 
$\mu $ with positive entropy, and let 
$\mathcal {A}$ be a Hölder continuous cocycle of bounded linear operators acting on a Banach space 
$\mathfrak {X}$. We prove that there is a sequence of horseshoes for f and dominated splittings for 
$\mathcal {A}$ on the horseshoes, such that not only the measure theoretic entropy of f but also the Lyapunov exponents of 
$\mathcal {A}$ with respect to 
$\mu $ can be approximated by the topological entropy of f and the Lyapunov exponents of 
$\mathcal {A}$ on the horseshoes, respectively. As an application, we show the continuity of sub-additive topological pressure for Banach cocycles.