Abstract The integration of refining and chemicals involves converting low‐carbon petroleum hydrocarbons from refineries into high‐value chemical products like ethylene and propylene. This process enhances the efficient use and sustainable development of light hydrocarbon resources, contributing significantly to achieving dual‐carbon goals. Emerging research have demonstrated that a considerable amount of ethylene and propylene can be produced by catalytic cracking of hydrocarbons on zeolites catalysts, especially ZSM‐5 zeolite. Various modified elements, post‐treatment methods, hierarchical pore structures and crystal morphologies, etc., have been employed to improve the catalytic performance over ZSM‐5 zeolite. In this study, the recent advancements about the catalytic cracking of hydrocarbons over modified ZSM‐5 zeolite, hierarchical ZSM‐5 zeolite, as well as composite zeolite materials are summarized. Furthermore, the application of SAPO‐34, IM‐5, MCM‐22, HEU‐1, ZSM‐23, and other zeolites in the catalytic cracking reaction are discussed. Moreover, the synergistic effect of metal‐zeolite bifunctional catalyst in dehydrogenation‐cracking is mentioned as well. The monomolecular and bimolecular mechanisms of ethylene and propylene production through the catalytic cracking of hydrocarbons using ZSM‐5 zeolite are summarized. We hope that this review will provide a theoretical foundation and scientific basis for the design, development, and application of novel high‐efficiency zeolite catalytic cracking catalysts.