To address the need for high-value utilization of fly ash solid waste and clean conversion of heavy shale oil, this study proposes a novel method for preparing TS-1 zeolite using fly ash as a silicon source and, for the first time, applied this zeolite to the co-catalytic hydrocracking of shale oil and waste tire rubber powder, aiming to explore the preparation of low-cost catalysts from solid waste and their application potential in complex co-cracking systems. The study extracted \(\text {SiO}_2\) via an “alkali fusion activation-hydrochloric acid leaching” method and synthesized TS-1 using a hydrothermal approach, establishing the optimal crystallization parameters as: temperature \(\text {170}^\circ \text {C}\) , time \(\text {48 h}\) , \(\text {n}(\text {SiO}_2):\text {n}(\text {TiO}_2) = 40\) , and \(\text {n}(\text {TPAOH}):\text {n}(\text {SiO}_2) = 0.4\) . Characterization results showed that the prepared TS-1 possesses a highly crystalline MFI topological structure, a specific surface area of \(\text {355.8 m}^2/\text {g}\) , a pore size of \(\text {0.83 nm}\) , and an acid site distribution dominated by weak and medium-strong acids. In the co-catalytic hydrocracking evaluation of shale oil and waste tire rubber powder ( \(\text {3:1}\) mass ratio) at \(\text {385}^\circ \text {C}\) , \(\text {4.5 MPa } \text {H}_2\) , and \(\text {50 min}\) , the fly-ash-based TS-1 demonstrated superior catalytic performance compared to traditional ZSM-5. It achieved the highest gasoline yield ( \(\text {65.13\%}\) ), while its dry gas ( \(\text {5.12\%}\) ) and coke ( \(\text {13.10\%}\) ) yields were significantly lower than those of ZSM-5 ( \(\text {9.24\%}\) and \(\text {14.66\%}\) , respectively). Furthermore, the unique pore structure and suitable acidity of TS-1 enhanced its isomerization capability, resulting in a branched alkane proportion of \(\text {4.05\%}\) in the product. The study reveals that the moderate acidity of TS-1 effectively resolves the issues of over-cracking and coke deposition, which are common with traditional strong acid catalysts in co-cracking systems, thereby providing a new pathway for solid waste valorization and the upgrading of low-quality oils.