The present invention provides a process for a production of light olefins and aromatics from cracked light naphtha by selective cracking. The present invention thus provides a process for up grading cracked olefinic naphtha to high value petrochemical feed stocks. This process is based on catalytic cracking in which the catalyst activity is optimized by depositing coke for production of light olefins and aromatics. The proposed process has high flexibility and can be operated either in maximizing olefins as reflected from the PIE ratio or in maximizing aromatics (BTX) at different modes of operation depending upon the product requirement.