Catalyst conversion process for increasing yield of petroleum light olefin

The invention discloses a catalyst conversion process for increasing yield of petroleum light olefin which comprises, feeding preheated petroleum hydrocarbon raw material into lift tubes or fluid bed reactor, contacting phosphor modified five-membered ring high silicon zeolite catalyst whose carbon content is 0.1-0.5wt% for catalytic conversion reaction, separating the reaction product and catalyst to be produced, loading the reaction product into subsequent separation system for product separation, then loading the catalyst into regenerator for carbon burning regeneration after stripping, returning the regenerated catalyst to reactor for circulation.