HZSM-5/SAPO-34 zeolite composites were prepared by hydrothermal synthesis (ZS-HS) and mechanical mixture (ZS-MM), respectively. ZS-HS showed higher propylene yield and better catalytic stability in ethanol conversion than ZS-MM as well as HZSM-5 and SAPO-34. In case of ZS-HS, SAPO-34 at least partially overlapped on HZSM-5, which resulted in the interfacial interaction of HZSM-5 and SAPO-34. Such interaction significantly modified the texture and the acidity of ZS-HS, which in turn affected its catalytic reactivity. ZS-HS showed the higher apparent formation rate of propylene, due to its moderate concentration and strength distribution of acid sites. Propylene, ethylene and butylenes might produce through the parallel reaction pathways and the common intermediate on ZS-HS.