The invention relates to a low-grade heavy oil catalytic conversion process for increasing the yield of low-carbon olefins and diesel oil. The process comprises the following steps: (1) preheated low-grade heavy oil, namely raw oil, enters a zone I of a riser and is in high-temperature short-contact-time high-agent-oil ratio contact with a catalytic cracking catalyst, so as to be subjected to catalytic cracking reaction, and generated oil and gas enter a fractionating tower; (2) a top outlet material of the fractionating tower is a mixture of dry gas, liquefied gas and gasoline, a middle-part outlet material of the fractionating tower is diesel oil, a lower-part outlet material of the fractionating tower is catalyzing wax oil which is relatively difficult to crack, a bottom outlet material of the fractionating tower is oil slurry, the catalyzing wax oil enters a zone II of the riser, and the oil slurry enters a vacuum distillation tower; (3) an upper-part outlet material of the vacuum distillation tower enters the zone II of the riser and is subjected to reaction again, a middle-part outlet material of the vacuum distillation tower enters a hydrogenation device for hydrogenation, and oil slurry at the bottom of the vacuum distillation tower is subjected to treatment by an oil slurry filter and then enters a delayed coking device; (4) a low-carbon-residue easily-cracked material from the hydrogenation device enters the zone I of the riser and is subjected to reaction again. The process has the characteristics that the service life of the catalyst is prolonged, the yield of dry gases and coke is lowered, and meanwhile, the yield of low-carbon olefins and diesel oil is increased.