The invention discloses a fluidized bed reaction device for preparing olefins by using paraffin dehydrogenation and a paraffin dehydrogenation method. The reaction device is a reducing tank body, and the tank body is divided into a gas stripping section, a reaction section and a catalyst settling section from bottom to top, wherein the diameter of the reaction section is larger than the diameter of the gas stripping section; and a heat exchanger is arranged in the settling section. According to the reaction device, raw materials and high-temperature oil gas are subjected to heat exchange in the reaction device, the raw materials are gasified and heated by utilizing the heat energy of the high-temperature oil gas, the high-temperature oil gas is cooled by virtue of heat exchange, the mutual energy is well utilized, coking of the reaction device due to high temperature is avoided, multiple effects are organically combined together, particularly a heat exchanger structure of connecting multiple heat exchange boxes in series together is adopted, the vibration caused by rapid gasification of the raw materials can be effectively avoided, and large temperature difference heat exchange can be realized.