A two-way combined process of wax oil hydro-process and catalytic crack is carried out by entering wax oil, catalytic cracking re-circulating oil and catalytic cracking diesel oil into hydro-processor, hydrogenation reacting under existence of hydrogen and hydrogenation catalyst, separating for reactant to obtain gas, hydrogenation naphtha oil, hydrogenation diesel oil and hydrogenation tail oil, entering hydrogenation tail oil into catalytic cracker, crack reacting under existence of catalytic cracking agent, separating to obtain dry gas, liquefied gas, catalytic cracking gasoline, catalytic cracking diesel oil and catalytic cracking re-circulating oil and oil slurry, and circulating for catalytic cracking diesel oil and catalytic cracking re-circulating oil to hydro-processor. It has higher recovery rate and cetyl value, less sulfur content, arene content and coke output.