The invention relates to a catalytic cracking method for producing low-carbon olefins and light aromatic hydrocarbons. According to the catalytic cracking method, a heavy raw material and a first catalytic cracking catalyst are subjected to a contact reaction in a first reactor; a lightweight raw material rich in saturated hydrocarbons, a lightweight raw material rich in olefins and a second catalytic cracking catalyst are subjected to a contact reaction in a second reactor and a third reactor; all the reaction oil-gas and the spent catalysts are subjected to gas-solid separation; the reactionoil-gas is further separated to obtain a product containing light-carbon olefins and light aromatic hydrocarbons; and the spent catalysts are subjected to steam stripping, the steam stripped catalysts enter a catalyst regenerator, charring regeneration is performed, and the regenerated catalyst returns to the reactor so as to be recycled, wherein the catalytic cracking catalyst comprises, by weight, 5-65% of natural minerals, 10-60% of an oxide, 24-75% of a Y-type molecular sieve and a BEA structure molecular sieve, 0.1-15% of a phosphorus additive and 0.1-10% of a metal additive. With the method of the present invention, the yield of low-carbon olefins is high, and the yield of light aromatic hydrocarbons is high.