The CREC Riser Simulator is a mini-fluidized bench scale unit invented and implemented in 1992, at the CREC (Chemical Reactor Engineering Centre), University of Western Ontario The CREC Riser Simulator can be operated at short reaction times, in the 3 s to 20 s range. The present review describes and evaluates the original basic concept of the 1992-CREC Riser Simulator Unit, and the improved design of the 2019-CREC Riser Simulator. Both the initial and the enhanced units are specially engineered to allow the rigorous assessment of both catalyst performance and catalytic reaction kinetics. Kinetic parameters of relatively simple and accurate mathematical models can be calculated using experimental data from the CREC Riser Simulator. Since its inception in 1992, the CREC Riser Simulator has been licensed to and manufactured for a significant number of universities and companies around the world. Several examples of scenarios where the CREC Riser Simulator can be employed to develop fluidized bed catalytic and heterogeneous reactor simulations are reported in this review. Among others, they include (a) hydrocarbon catalytic cracking, (b) the catalytic conversion of tar derived biomass chemical species, (c) steam and dry catalytic methane reforming, (d) the catalytic oxydehydrogenation of light paraffins, (e) the catalytic desulfurization of gasoline, and (f) biomass derived syngas combustion via chemical looping. In this review, special emphasis is given to the application of the CREC Riser Simulator to TIPB (tri-iso-propyl-benzene) catalytic cracking and the light paraffins catalytic oxydehydrogenation (PODH).