Catalytic propane dehydrogenation has been tested on different reactor configurations employing Pt–Sn/MgAl2O4 as a catalyst. Hollow fiber palladium membranes coupled to the two-zone fluidized bed reactor (TZFBR) combine the possibility of improving propane conversion by hydrogen removal from the reaction bed through the membrane with in situ catalyst regeneration in the lower section of the TZFBR. Experiments have been carried out at different reaction temperatures and time on stream. In addition, the optimum regenerative agent flow fraction (diluted oxygen) to be fed into the TZFBR has been determined at the reaction temperatures between 500 °C and 600 °C to get a constant catalytic activity without net deactivation. Moreover, the TZFBR with palladium membranes has been successfully tested, displacing the reaction equilibrium towards the production of propylene, and still keeping steady state in the catalytic propane dehydrogenation. These results were better than those reported in the literature for conventional reactors.