A hydrocracking process is provided utilizing high surface area metal-containing catalysts prepared by dispersing a thermally decomposable metal compound in a hydrocarbon oil having a Conradson carbon content of up to about 50 weight percent, the thermally decomposable metal compound being added in an amount sufficient to obtain a specified ratio of atoms of Conradson carbon of the oil chargestock to atoms of metal constituent of the thermally decomposable compound, heating the compound in the presence of a gas comprising either hydrogen or hydrogen sulfide or hydrogen and hydrogen sulfide to form a solid high surface area catalyst. The metal constituent of the thermally decomposable metal compound may be a metal of Groups II, III, IV, V, VIB, VIIB, VIII or mixtures thereof.