A process for upgrading refinery residue feedstock, said process comprising the steps of: a) introducing the refinery residue feedstock into a fluidized bed reactor as a solid, the refinery residue feedstock selected from asphalt obtained from a solvent deasphalting unit which processes either straight run residue obtained from atmospheric and/or vacuum distillation of crude or cracked residue obtained from visbreaking, vacuum residue obtained directly from vacuum distillation of crude or by vacuum distillation or vacuum flashing of cracked residue, coke from a gasifier, residue from an ethylene cracker, and petroleum coke obtained from a delayed coker unit; b) heating the refinery residue feedstock to a devolatilizing and thermal cracking temperature in the fluidized bed reactor to produce a product stream comprising gaseous hydrocarbons and solid coke; c) subjecting the gaseous hydrocarbons to catalytic hydroprocessing in the presence of molecular hydrogen in the fluidized bed to increase the hydrogen to carbon ratio and lower the average molecular weight of the gaseous hydrocarbons; d) separating the gaseous hydrocarbons from step c) from the solid coke from step b) to produce a gaseous product stream and a solid coke product stream; and e) subjecting the gaseous hydrocarbons from step d) to further processing to produce at least one of: C1-C3 hydrocarbons, liquefied petroleum gas, naphtha range hydrocarbons, and middle distillate range hydrocarbons, wherein the further processing consists of at least one of: condensation of gaseous hydrocarbon and distillation, hydroprocessing of condensed hydrocarbons in a hydroprocessing unit, and fluid catalytic cracking of condensed hydrocarbons in a fluid cracking unit. a) introducing the refinery residue feedstock into a fluidized bed reactor as a solid, the refinery residue feedstock selected from asphalt obtained from a solvent deasphalting unit which processes either straight run residue obtained from atmospheric and/or vacuum distillation of crude or cracked residue obtained from visbreaking, vacuum residue obtained directly from vacuum distillation of crude or by vacuum distillation or vacuum flashing of cracked residue, coke from a gasifier, residue from an ethylene cracker, and petroleum coke obtained from a delayed coker unit; b) heating the refinery residue feedstock to a devolatilizing and thermal cracking temperature in the fluidized bed reactor to produce a product stream comprising gaseous hydrocarbons and solid coke; c) subjecting the gaseous hydrocarbons to catalytic hydroprocessing in the presence of molecular hydrogen in the fluidized bed to increase the hydrogen to carbon ratio and lower the average molecular weight of the gaseous hydrocarbons; d) separating the gaseous hydrocarbons from step c) from the solid coke from step b) to produce a gaseous product stream and a solid coke product stream; and e) subjecting the gaseous hydrocarbons from step d) to further processing to produce at least one of: C1-C3 hydrocarbons, liquefied petroleum gas, naphtha range hydrocarbons, and middle distillate range hydrocarbons, wherein the further processing consists of at least one of: condensation of gaseous hydrocarbon and distillation, hydroprocessing of condensed hydrocarbons in a hydroprocessing unit, and fluid catalytic cracking of condensed hydrocarbons in a fluid cracking unit.