The catalytic pyrolysis behaviors of gas oil derived from Canadian oil sands bitumen over catalyst CEP-1 in a confined fluidized bed reactor have been investigated in the present paper. The effect of reaction temperature, catalyst-to-oil weight ratio, steam-to-oil weight ratio, and residence time of oil gas on product distribution was researched. The results show that the optimal reaction temperature, weight ratios of catalyst to oil and steam to oil, and residence time of oil gas are about 660 degrees C, 15, 0.55, and 2 s, respectively. Under the optimal operating conditions, the yield of total light olefins exceeds 38.0 wt %. A new five-lump kinetic model is developed for the catalytic pyrolysis of gas oil, and a catalyst deactivation model based on the coke content is also presented. Rate constants and apparent activation energies were estimated with the least-squares method. The effect test shows that the five-lump kinetic model can predict the yields of gasoline, light olefins, light alkanes, and coke very well.