X oil, a byproduct from caprolactam manufacture, is a complex mixture of organic oxygenates. In order to transform X oil into hydrocarbon fuel, the catalytic cracking reaction pathway and product composition of model oxygenates in X oil were investigated. The model compounds included cyclohexanol, cyclohexanone, bicyclic ketones, oxydicyclohexane, and cyclohexyl butyrate. The product distribution of mixed feedstock could be predicted, as the product compositions would not be influenced when the model compounds had a catalytic cracking reaction together. Oxygen balance during the catalytic conversion process was also studied. The main deoxygenation way of these five model compounds was dehydration, and the next was decarbonylation. The intent was to obtain a reaction pathway which could be used for modeling the catalytic cracking of X oil.