The invention discloses a catalyst regeneration method used for reducing carbon dioxide release and improving selectivity. The catalyst regeneration method comprises following steps: a carbon-containing catalyst is subjected to partial regeneration in a first regenerator using pure oxygen, and then is delivered into a second regenerator via a U-shaped delivery pipe so as to remove residual coke via combustion using pure oxygen, and smoke obtained from the first regenerator is divided into three parts, wherein a first part of the smoke is cycled into the bottom of the second regenerator, a second part is used for delivering the partially regenerated catalyst from the first regenerator into the second regenerator, and the third part is delivered into a smoke energy recovery system; smoke obtained from the second regenerator and the smoke which is obtained from the first regenerator and is processed via the smoke energy recovery system are combined, are delivered into a carbon dioxide separating system for carbon dioxide separation, and then are collected, and an obtained regenerated catalyst is cooled and activated using a catalyst, and is delivered into a reactor for recycling. The catalyst regeneration method is capable of realizing complete regeneration of the catalyst, reducing carbon release greatly, and even realizing zero carbon release. Catalyst activity distribution is more uniform, so that catalytic cracking product coke yield and dry gas yield are reduced.