A process for producing light olefins and aromatics, which process is a process for converting heavy feedstocks into light olefins rich in propylene and ethylene and aromatics rich in toluene and xylene, and said process simultaneously produces propylene, ethylene, and aromatics from heavy feedstocks, and the yield of propylene is higher than 20%, which comprises reacting the feedstock by contacting it with a catalytic cracking catalyst in two reaction zones, consisting of a riser and a fluidized bed reaction zone in series, wherein the feedstock of the riser is vacuum gas oil, atmospheric gas oil, coked gas oil or deasphalted oil, or a mixture thereof, the catalyst is constituted by: 30% by weight of MFI structure intermediate pore size zeolite containing phosphor and iron of formula 0.1 Na 2 O * 5.1 Al 2 O 3 * 2.4 P 2 O 5 * 1.5 Fe 2 O 3 * 3.8 Re 2 O 3 * 88.1 SiO 2, 5% by weight of DASY zeolite, 23% by weight of pseudo-boehmite, 6% by weight of alumina sol, and balance kaolin, wherein the conditions in each of said reaction zones are: reaction temperature: 400°C-800°C, WHSV 0.1 h -1 -750 h -1, reaction pressure: 0.10 MPa-1.0 MPa, ratio of catalytic cracking catalyst to the feedstock: 1-150 by weight, wherein the reaction temperature of the fluidized bed downstream of the riser is higher than that of the riser and its WHSV is lower than that of the riser and wherein the difference between the reaction temperature of the fluidized bed and the temperature of the riser is 10°C-200°C, and the ratio of the WHSV of the fluidized bed to that of the riser is 1:1.1-1:750, wherein the total heat supplemented to the fluidized bed, with a higher reaction temperature, accounts for 10%-80% of the reaction heat of the whole reaction system, the obtained products are separated, the slurry is recycled to the riser and the C4-C6 are recycled to the fluidized bed, the spent catalyst is separated from the reaction product vapor, the spent catalyst is regenerated and returned to the reactor. which comprises reacting the feedstock by contacting it with a catalytic cracking catalyst in two reaction zones, consisting of a riser and a fluidized bed reaction zone in series, wherein the feedstock of the riser is vacuum gas oil, atmospheric gas oil, coked gas oil or deasphalted oil, or a mixture thereof, the catalyst is constituted by: 30% by weight of MFI structure intermediate pore size zeolite containing phosphor and iron of formula 0.1 Na 2 O * 5.1 Al 2 O 3 * 2.4 P 2 O 5 * 1.5 Fe 2 O 3 * 3.8 Re 2 O 3 * 88.1 SiO 2, 5% by weight of DASY zeolite, 23% by weight of pseudo-boehmite, 6% by weight of alumina sol, and balance kaolin, wherein the conditions in each of said reaction zones are: reaction temperature: 400°C-800°C, WHSV 0.1 h -1 -750 h -1, reaction pressure: 0.10 MPa-1.0 MPa, ratio of catalytic cracking catalyst to the feedstock: 1-150 by weight, wherein the reaction temperature of the fluidized bed downstream of the riser is higher than that of the riser and its WHSV is lower than that of the riser and wherein the difference between the reaction temperature of the fluidized bed and the temperature of the riser is 10°C-200°C, and the ratio of the WHSV of the fluidized bed to that of the riser is 1:1.1-1:750, wherein the total heat supplemented to the fluidized bed, with a higher reaction temperature, accounts for 10%-80% of the reaction heat of the whole reaction system, the obtained products are separated, the slurry is recycled to the riser and the C4-C6 are recycled to the fluidized bed, the spent catalyst is separated from the reaction product vapor, the spent catalyst is regenerated and returned to the reactor. 30% by weight of MFI structure intermediate pore size zeolite containing phosphor and iron of formula 0.1 Na 2 O * 5.1 Al 2 O 3 * 2.4 P 2 O 5 * 1.5 Fe 2 O 3 * 3.8 Re 2 O 3 * 88.1 SiO 2, 5% by weight of DASY zeolite, 23% by weight of pseudo-boehmite, 6% by weight of alumina sol, and balance kaolin, wherein the conditions in each of said reaction zones are: reaction temperature: 400°C-800°C, WHSV 0.1 h -1 -750 h -1, reaction pressure: 0.10 MPa-1.0 MPa, ratio of catalytic cracking catalyst to the feedstock: 1-150 by weight, wherein the reaction temperature of the fluidized bed downstream of the riser is higher than that of the riser and its WHSV is lower than that of the riser and wherein the difference between the reaction temperature of the fluidized bed and the temperature of the riser is 10°C-200°C, and the ratio of the WHSV of the fluidized bed to that of the riser is 1:1.1-1:750, wherein the total heat supplemented to the fluidized bed, with a higher reaction temperature, accounts for 10%-80% of the reaction heat of the whole reaction system, the obtained products are separated, the slurry is recycled to the riser and the C4-C6 are recycled to the fluidized bed, the spent catalyst is separated from the reaction product vapor, the spent catalyst is regenerated and returned to the reactor.