The sulfur content of liquid cracking products, especially the cracked gasoline, is reduced in a catalytic cracking process employing a cracking catalyst containing a high content of vanadium. The cracking process involves introducing at least one vanadium compound into a hydrocarbon-sulfur containing feedstock to be charged to a fluid catalytic cracking reactor operating under steady state conditions and containing an equilibrium fluid cracking catalyst inventory within the reactor. The amount of sulfur in the liquid products, in particular gasoline and LCO fractions, is reduced as a result of the increased vanadium content on the equilibrium catalyst. Advantageously, sulfur reduction is achieved even in the presence of other metal contaminants, such as nickel and iron, on the equilibrium catalyst.