This invention discloses a process for producing a high Viscosity Index lubricant having a viscosity 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 primarily by isomerization, in the presence of hydrogen and in the presence of a low acidity large pore zeolite molecular sieve having a crystal size of less than 0.1 micron, an alpha value of not more than 30 and containing a noble metal hydrogenation component. The large pore zeolite is preferably zeolite beta loaded with 0.3 to 2 wt.% Pt. The feed may be hydrocracked prior to dewaxing with the large pore zeolite. The effluent of the process may also be further dewaxed by either solvent or catalytic means in order to achieve target pour point.