The invention discloses a heavy oil catalytic cracking method, belongs to the technical field of petroleum chemical industry, is used for processing heavy oil, can improve the catalyst-to-oil ratio, reduces coke and dry gas yields, improves product yield, and solves reactor coking. The heavy oil catalytic cracking method includes the processes of catalyst feeding, raw material oil feeding, raw material oil vaporization, gas-solid contact, catalytic cracking reaction and gas-solid separation, and is characterized in that through arrangement of temperature reduction with a regeneration agent, heat collection with a pre-lifting device, and heat collection at the middle part of a lifting pipe reactor, the catalyst-to-oil ratio is increased, a mixing temperature of a feeding section is improved, the catalyst activity in the catalytic cracking process is improved, and the feeding heavy oil vaporization rate is improved; through arrangement of a closed fast separation system, the oil and gas residence time in a settler is shortened. The method can reduce the dry gas and coke yields, increase the product yield, improve the product quality and solve the problem of coking of the lifting pipe reactor and the settler. A device for realizing the method is also provided, includes a regeneration agent temperature reducer, the pre-lifting device, a heat collector, a lifting pipe middle-part heat collection facility and a closed fast separation facility, and is the catalytic cracking and catalytic pyrolysis device applied for processing the heavy oil.