Biomass is a potentially unlimited source of chemicals and energy for sustainable development. However, there are currently no effective methods to produce lower olefins from biomass-derived feedstock. The catalytic cracking of synthetic oil obtained from Fischer-Tropsch synthesis to produce light olefins was studied in detail using response surface methodology (RSM). The effects of the composition of the catalyst and operating parameters (temperature and residence time) were determined to establish optimal conditions for maximal yield of light olefins. Elaborate empirical models describe the yield of ethylene, propylene, and butylene. The optimal conditions for catalytic cracking have been determined: temperature, 675 degrees C; residence time, 0.1 s; Y-to-ZSM-5 mass ratio, 1. The yield of light olefins is 56.8%, including 27.6% propylene. The experiment has shown that the high content of n-olefins in Fischer-Tropsch liquid product promotes the formation of C-2-C-4 olefins in the catalytic cracking reaction.