Abstract: A catalyst for the hydrocracking of heavy oils contains iron and active carbon having an MCH conversion rate of 40-80%, a specific surface area of 600-1000 m2/g of, a pore volume of 0.5 to 1.4 cm3/g, 2-50 nanometers' mesopore volume of not less than 60% and an average pore diameter of 3-6 nanometers, the iron being carried on the active carbon in an amount of 1 to 20 wt. % to the active carbon. The hydrocracking process using the catalyst includes a first step of conducting hydrocracking at a temperature within the range of 360-450° C. at a hydrogen partial pressure of 2-14 MPaG and a second step of conducting hydrocracking at a temperature within the range of 400-480° C. at a hydrogen partial pressure of 2-18 MPaG, which can suppress the generation of coke and remove, in a high efficiency, heavy metals such as Ni and V, asphaltene, residual carbon, sulfur and nitrogen from the heavy oils.