A fluid catalytic cracking process for p-cresol dimer to produce valuable phenolic monomers, i.e., 2-methyl phenol, 4-methyl phenol, 2,3-xylenol, and phenol, uses an equilibrium catalyst (E-cat) generated in the petroleum fluid catalytic cracking (FCC) unit. The p-cresol dimer can be processed under relatively mild conditions, while maximizing desired and minimizing undesired products. The process may include charging an equilibrium fluid catalytic cracking catalyst; heating to a predetermined cracking temperature and pressure; (c) charging a p-cresol dimer feed; (d) contacting the p-cresol dimer with the equilibrium fluid catalytic cracking catalyst; (e) condensing resulting phenolic monomer vapors to obtain phenolic monomer liquid and fluidization gas; (f) separating the phenolic monomer liquid from the fluidization gas; (g) collecting the separated phenolic monomer liquid; (h) separating the collected phenolic monomer liquid individual phenolic monomers; and (i) recycling any unconverted p-cresol dimer into the fluidized bed reactor.