Disclosed is a method of producing an olefin using a circulating fluidized bed process, including: (a) supplying a hydrocarbon mixture including propane and a dehydrogenation catalyst to a riser which is in a state of a fast fluidization regime, and thus inducing a dehydrogenation reaction; (b) separating an effluent from the dehydrogenation reaction into the catalyst and a propylene mixture; (c) stripping, in which a residual hydrocarbon compound is removed from the catalyst separated in step (b); (d) mixing the catalyst stripped in step (c) with a gas containing oxygen and thus continuously regenerating the catalyst; (e) circulating the catalyst regenerated in step (d) to step (a) and thus resupplying the catalyst to the riser; and (f) cooling, compressing, and separating the propylene mixture, which is a reaction product separated in step (b), and thus producing a propylene product.