A process for the catalytic conversion of hydrocarbons, said process comprising the following steps: a feedstock of hydrocarbons is contacted with a hydrocarbon-converting catalyst to conduct a catalytic cracking reaction in a reactor in which the catalyst is movable, then the reaction product and the spent catalyst are taken from said reactor for separation by stripping, the separated spent catalyst is returned into the reactor for recycle after regenerated by air burning, and the separated reaction product is fractionated to give light olefins, gasoline, diesel, heavy oil and other saturated hydrocarbons with low molecular weight, wherein said hydrocarbon-converting catalyst comprises, based on the total weight of the catalyst, 10-50 wt% of a zeolite mixture, 10-70 wt% of a thermotolerant inorganic oxide selected from alumina, silica and amorphous silica-alumina, and 0-60 wt% of clay, wherein said zeolite mixture comprises, based on the total weight of said zeolite mixture, 1-75 wt% of a zeolite beta modified with phosphorus and a metal M, 25-99 wt% of a zeolite having a MFI structure and 0-74 wt% of a large pore zeolite selected from the group consisting of faujasite, zeolite L, zeolite Ω, mordenite and ZSM-18 zeolite, wherein the anhydrous chemical formula of the zeolite beta modified with phosphorus and the metal M is represented in the mass percent of the oxides as (0-0.3)Na 2 O·(0.5-10)Al 2 O 3 ·(1.3-10)P 2 O 5 ·(0.7-15)M x O y · SiO 2, in which the metal M is one or more selected from the group consisting of Fe, Co, Ni, Cu, Mn, Zn and Sn; x represents the atom number of the metal M, and y represents a number needed for satisfying the oxidation state of the metal M. a feedstock of hydrocarbons is contacted with a hydrocarbon-converting catalyst to conduct a catalytic cracking reaction in a reactor in which the catalyst is movable, then the reaction product and the spent catalyst are taken from said reactor for separation by stripping, the separated spent catalyst is returned into the reactor for recycle after regenerated by air burning, and the separated reaction product is fractionated to give light olefins, gasoline, diesel, heavy oil and other saturated hydrocarbons with low molecular weight, wherein said hydrocarbon-converting catalyst comprises, based on the total weight of the catalyst, 10-50 wt% of a zeolite mixture, 10-70 wt% of a thermotolerant inorganic oxide selected from alumina, silica and amorphous silica-alumina, and 0-60 wt% of clay, wherein said zeolite mixture comprises, based on the total weight of said zeolite mixture, 1-75 wt% of a zeolite beta modified with phosphorus and a metal M, 25-99 wt% of a zeolite having a MFI structure and 0-74 wt% of a large pore zeolite selected from the group consisting of faujasite, zeolite L, zeolite Ω, mordenite and ZSM-18 zeolite, wherein the anhydrous chemical formula of the zeolite beta modified with phosphorus and the metal M is represented in the mass percent of the oxides as (0-0.3)Na 2 O·(0.5-10)Al 2 O 3 ·(1.3-10)P 2 O 5 ·(0.7-15)M x O y · SiO 2, in which the metal M is one or more selected from the group consisting of Fe, Co, Ni, Cu, Mn, Zn and Sn; x represents the atom number of the metal M, and y represents a number needed for satisfying the oxidation state of the metal M.