NOVELTY - Preparing light fuel oil and propylene using inferior raw oil system, comprises e.g. preheating poor quality raw oil, entering into catalytic conversion reactor of first catalytic reaction area and contacting with catalyst, subjecting for cracking reaction, generating oil and gas or injecting light raw oil and/or mixed cold shock medium, entering into catalytic conversion reactor of second reaction area, carrying out cracking reaction, hydrogen transfer reaction, carrying out gas-solid separation, separating e.g. dry gas, propylene, propane, gasoline, diesel oil and catalytic wax oil.    USE - The method is useful for preparing light fuel oil and propylene using inferior raw oil system (claimed).    ADVANTAGE - The method has high inferior crude oil conversion rate, produces gasoline with high octane value, can greatly reduce the dry gas and coke yield, and realizes the long period production of hydrotreated catalytic gas oil and efficient use of petroleum resources.    DETAILED DESCRIPTION - Preparing light fuel oil and propylene using inferior raw oil system, comprises (i) preheating the poor quality raw oil, entering into catalytic conversion reactor of first catalytic reaction area and contacting catalyst of thermal regenerative catalytic converter with the macromolecules, and subjecting for cracking reaction, generating oil and gas or injecting light raw oil and/or mixed cold shock medium, entering into catalytic conversion reactor of second reaction area, carrying out cracking reaction at certain low reaction environment, hydrogen transfer reaction and isomerization reaction, carrying out gas-solid separation of generated reaction product after the reaction with carbon and spent catalyst, entering reaction product into separating system for separating dry gas, propylene, propane, 4C hydrocarbon, gasoline, diesel oil and catalytic wax oil, steam stripping spent catalyst after conveying into the regenerator for burning and regenerating, returning regenerative catalyst into reactor for heat circulation, (ii) entering catalytic wax oil, filtered deasphalted solvent, or absorbed deasphalted solvent into hydrogenation treatment device to obtain hydrogenated catalytic wax oil, and (iii) circulating hydrogenation catalytic wax oil in first reaction area catalytic conversion reactor and/or other catalytic conversion reactor and further reacting to obtain target product of propylene and gasoline.    DESCRIPTION OF DRAWING(S) - The drawing shows a schematic representation of the process flow diagram of light fuel oil and propylene preparation using inferior raw oil system.