The fluid catalytic cracking (FCC) process is an alternative olefin production technology, with lower CO2 emission and higher energy-saving. This process is used for olefin production by almost 60% of the global feedstocks. Different parameters including the operating conditions, feedstock properties, and type of catalyst can strongly affect the catalytic activity and product distribution. FCC catalysts contain zeolite as an active component, and a matrix, a binder, and a filler to provide the physical strength of the catalyst. Along with the catalyst properties, the FCC unit’s performance also depends on the operating conditions, including the feed composition, hydrocarbon partial pressure, temperature, residence time, and the catalyst-to-oil ratio (CTO). This paper provides a summary of the light olefins production via the FCC process and reviews the influences of the catalyst composition and operating conditions on the yield of light olefins.