The maximizing isoparaffin process for cleaning gasoline and enhancing propylene yield (MIP-CGP) is the main derived technology of catalytic cracking in China. Based on the reaction mechanism of catalytic cracking and the characteristics of MIP-CGP with two reaction zones, the eight-lump reaction kinetic model was established. The measured data was from the industrial unit. Twenty-two groups of kinetic parameters were estimated, and the model parameters were validated that the predicted values were close to measured values. The analysis of the reaction rate constants and activation energies showed that the model parameters can well reflect the reaction law. The model can predict the main product distribution and provide the referential value for the operation optimization of MIP-CGP technology.