Abstract: This invention discloses a process for producing a high Viscosity Index lubricant having a VI of at least 125 from a waxy hydrocarbon feed having a wax content of at least 40 wt %. The process comprises catalytically dewaxing waxy paraffins present in the feed by isomerization in the presence of hydrogen and in the presence of a low acidity large pore zeolite isomerization catalyst. This catalyst has a ratio of SiO.sub.2 /Al.sub.2 O.sub.3, as synthesized, of at least 50:1, and an alpha value of not greater than 20, wherein the catalyst is prepared in the absence of boron. The catalyst further comprises a noble metal hydrogenation component. The feed may be hydrocracked prior to dewaxing with the large pore zeolite. The feed may be solvent dewaxed prior to isomerization. The effluent of the isomerization step may also be further dewaxed by either solvent or catalytic means in order to achieve target pour point.