A process for preparing noble metal-containing zeolites having high noble metal dispersion comprises (a) contacting a zeolite material with a cationic noble metal complex; (b) calcining the resulting meterial in the presence of molecular oxygen at about 300.degree. to 375.degree. C. for a time sufficient to cause decomposition of said complex; (c) purging oxygen and water from the calcined material in an inert atmosphere at 200.degree. to 350.degree. C.; and (d) reducing the purged material with hydrogen at 200.degree. to 350.degree. C. for a time sufficient to reduce the cationic noble metal to highly dispersed free metal.