A catalyst useful for the production of olefins from alkanes via oxidative dehydrogenation (ODH) is disclosed. In accordance with a preferred embodiment of the present invention, a catalyst for use in ODH processes includes a MCrAlY support. M is preferably a base metal, or combination of base metals. A base metal is herein defined as a non-Group VIII metal, with the exception of iron, cobalt and nickel. Suitable base metals include Group IB-VIIB metals, Group IIIA-VA metals, Lanthanide metals, iron, cobalt and nickel. In a preferred embodiment, M is iron. Additionally, the catalyst may optionally include a Group VIII promoter. Suitable Group VIII promoters include Ru, Rh, Pd, Os, Ir, and Pt. In another preferred embodiment, M is a combination of a Lanthanide metal and iron with a front-loaded Group VIII promoter.