Abstract: Hydrocracking technology plays a critical role in deep processing of heavy oils, optimizing product structures, and advancing refinery-to-chemical transitions in petrochemical industries. This review systematically summarized the reaction mechanisms of hydrocracking technology and design strategies for bifunctional zeolite catalysts. The reaction pathways of long-chain alkanes, cycloalkanes, and aromatic hydrocarbons in hydrocracking were discussed, and the effects of bifunctional synergy between metals and zeolite acidity on carbocation formation, cracking, and product distributions were analyzed. The synthesis progress of hydrocracking catalysts was discussed through several aspects including metal-acid site synergy, structural regulation of supports, and heteroatom modification. In view of the challenges faced by the development of hydrocracking catalyst, this review proposes potential research directions for the future, aiming to provide theoretical references for the development of hydrocracking catalyst, and facilitate the transition of refineries toward high-value-added chemical production.