Abstract: High boiling hydrocarbon feeds are converted to high V.I. lube oils in high yields by hydrotreating in a first stage over a hydrogenation catalyst and then hydrocracking in a second stage over a faujasite-base catalyst, such as Pd on H-faujasite, under conditions such that less than 15 wt.% conversion, based on feed to the second stage, to products boiling below 650.degree.F. occurs.