This invention is directed to a process for condensing and removing condensable compounds from an olefin stream containing light olefin compounds, and recovering the light olefin compounds. The process of the invention is particularly effective in removing water and heavy hydrocarbons, particularly aromatic hydrocarbons, from an olefin stream made from the catalytic conversion of oxygenate, and recovering light olefins such as ethylene, propylene, butylene, or a mixture thereof.