The demand for propylene has been growing recently. The concentration of olefins in the gasoline is strictly limited by the related environmental regulations. The olefins contained in the gasoline used as the feed could be cracked into light olefins to slash the olefin concentration in the gasoline to yield more propylene at the same time. The monolithic catalyst washcoated on the modified ZSM-5 zeolite was used in the experiments. The effect of the temperature, the Si/A1 ratio in ZSM-5 and the addition of the rare earth elements on the selectivities and the yields of the light olefins were studied. The high yields of propylene and butene could be obtained under the experimental conditions of a higher temperature and Si/A1 ratio with the addition of rare earth elements.