The present invention relates to a method for converting waste plastic pyrolysis oil into light olefins with a high yield, the method including: (1) inputting waste plastic pyrolysis oil into a reactor; (2) allowing the waste plastic pyrolysis oil to react in the reactor in the presence of a catalytic cracking catalyst containing a first metal and a second metal; and (3) recovering light olefins by separating the catalytic cracking catalyst and oil from a product obtained in the step (2).