A catalyst for converting hydrocarbons includes, based on the weight of the catalyst, 1-60% by weight of a zeolite, 0.1-10% by weight of an assistant catalytic component, 5-98% by weight of a thermotolerant inorganic oxide, and 0-70% by weight of a clay in terms of the oxide. The zeolite is a MFI-structured zeolite-containing phosphor and transition metal(s) or a mixture of the zeolite and a macroporous zeolite, which comprises, based on the weight of the mixture, 75-100% by weight of said MFI-structured zeolite containing phosphor and transition metal(s) and 0-25% by weight of the macroporous zeolite. In terms of the mass of the oxide, the MFI-structured zeolite containing phosphor and transition metal(s) has the following anhydrous chemical formula:
(0-0.3)Na2O.(0.3-5.5)Al2O3.(1.0-10)P2O5.(0.7-15)M1xOy.(0.01-5)M2mOn(0-10)RE2O3.(70-97)SiO2 I
or
(0-0.3)Na2O.(0.3-5)Al2O3.(1.0-10)P2O5.(0.7-15)MpOq.(0-10)RE2O3.(70-98)SiO2 II
The assistant catalytic component is one or more selected from the group consisting of the alkali earth metals, Group IVB metals, non-noble metals of Group VIII, and rare earth metals of the Periodic Table of the Elements. This catalyst has a higher ability to convert petroleum hydrocarbons and higher yields for propylene, ethylene, and light aromatics.