A novel process and a novel catalyst for the production of light olefins. 1-butene is cracked in the presence of an acid- or base-modified silicalite-1 catalyst bed, wherein the modified silicalite-1 has a Si/Al ratio of greater than 1000. The modification procedures described herein increase the selectivity of the silicalite-1 catalyst toward light olefins such as ethylene and propylene. The catalytic cracking of 1-butene may be carried out in a fixed bed reactor or a fluidized bed reactor.