The low carbon olefin and arene producing process includes the following steps: hydroprocessing material oil to obtain hydrogenated tail oil; catalytically cracking and separating catalytically cracked oil and gas to obtain C2=-C3=, C2o-C3o, C4-C5, naphtha, LCO, etc.; returning C4-C5 to catalytical cracking, returning LCO to hydroprocessing, selectively hydrogenating and solvent extracting naphtha to obtain raffinate oil and arene as one target product; steam cracking raffinate oil, hydrogenated C2o-C4o, hydrogenated naphtha and cracked C2o-C3o and separating reacted oil and gas to obtain C2=-C3=, C2o-C3o, C4-C5, naphtha, etc.; returning C2o-C3o to steam cracking, and returning C4-C5 to catalytical cracking. The producing apparatus includes hydroprocessing unit, atalytically cracking unit, steam cracking unit, selectively hydrogenating unit and solvent extracting unit. The present invention produces low carbon olefin with heavy material and has propylene yield over 30 wt% and co-produced toluene, etc.