Systems and methods are provided for upgrading catalytic slurry oil to form naphtha boiling range and/or distillate boiling range fuel products. It has been unexpectedly discovered that catalytic slurry oil can be separately hydroprocessed under fixed bed conditions to achieve substantial conversion of asphaltenes within the slurry oil (such as substantially complete conversion) while reducing/minimizing the amount of coke formation on the hydroprocessing catalyst. After hydroprocessing, the hydroprocessed effluent can be processed under fluid catalytic cracking conditions to form various products, including distillate boiling range fuels and/or naphtha boiling range fuels. Another portion of the effluent can be suitable for use as a low sulfur fuel oil, such as a fuel oil having a sulfur content of 0.1 wt % or less.