NOVELTY - Difficultly-cracked raw oil, easily-cracked raw oil and quenchant are mixed and reacted using thermal regenerative catalytic cracking catalyst. The spent catalyst and reaction oil gas are separated. The reaction oil gas is separated to obtain products including propylene, 4C olefin, gasoline, distillate and catalytic wax oil. The catalytic wax oil is subjected to hydrogenation and/or aromatic hydrocarbon extraction. 4C Olefin, distillate, hydrogenated catalytic wax oil and extract oil of catalytic wax oil are recracked using the catalyst and separated.    USE - Catalytic conversion method for preparing propylene and high-octane gasoline.    ADVANTAGE - The catalytic conversion method is efficiently enabled, and propylene and high-octane gasoline are manufactured at high yield.    DETAILED DESCRIPTION - Difficultly-cracked raw oil is introduced into a primary riser reactor bottom, and the raw oil is contacted with a thermal regenerative catalytic cracking catalyst to crack at 600-750 degrees C, weight hourly space velocity of 100-800/hour and reaction pressure of 0.01-1 MPa. The weight ratio of catalytic cracking catalyst to raw oil is 30-150. The weight ratio of steam to raw oil is 0.05-1. The reaction effluent is mixed with easily-cracked raw oil without oil-catalyst separation, and reacted at 500-670 degrees C, weight hourly space velocity of 0.1-100/hour, and reaction pressure of 0.1-1 MPa. The weight ratio of catalytic cracking catalyst to raw oil is 2-30. The weight ratio of steam to raw oil is 0.05-1. The reaction effluent is mixed with one or more difficultly-cracked raw oil, easily-cracked raw oil and quenchant without oil-catalyst separation, and reacted at 450-650 degrees C, weight hourly space velocity of 10-300/hour, and reaction pressure of 0.1-1 MPa. The weight ratio of catalytic cracking catalyst to raw oil is 10-100. The weight ratio of steam to raw material is 0.05-1. The spent catalyst and reaction oil gas are separated. The spent catalyst is subjected to steam stripping, then introduced into a regenerator, regenerated and returned to the primary riser reactor. The reaction oil gas is introduced into a separation system. The reaction oil gas is separated to obtain products including propylene, 4C olefin, gasoline, distillate having distillation temperature of 180-250 degrees C and catalytic wax oil. The catalytic wax oil is subjected to hydrogenation and/or aromatic hydrocarbon extraction to obtain hydrogenated catalytic wax oil and/or extract oil of catalytic wax oil. One or more of 4C olefin, distillate, hydrogenated catalytic wax oil and extract oil of catalytic wax oil as recracking raw material are introduced into a secondary riser reactor and contacted with the thermal regenerative catalyst for catalytic conversion at 300-620 degrees C, weight hourly space velocity of 100-800/hour, and reaction pressure of 0.1-1 MPa. The weight ratio of catalytic cracking catalyst to raw oil is 2-100. The weight ratio of steam to raw oil is 0.05-1. The spent catalyst is separated from reaction oil gas using a cyclone separator. The spent catalyst is subjected to steam stripping, burnt, regenerated in the regenerator, and returned to the secondary riser reactor, and reaction oil gas is separated.