Abstract: The present development relates to a catalyst composition for the selective hydrogenation of acetylene and to a method for preparing the catalyst. The catalyst comprises iridium, palladium and, optionally, at least one of the elements selected from the group consisting of silver, gold, copper, zinc and tin. In a preferred embodiment, the catalyst is prepared such that the palladium is located within the first 250 micrometers of the surface of the catalyst carrier. In contrast to the catalysts of the prior art, including for example, palladium/silver catalysts, the catalyst of the present invention exhibits high selectivity and an improved stability of the catalytic performance over an extended period of time.