A molybdated succinimide complex is disclosed which is prepared by a process comprising (a) reacting a succinimide of a polyamine of formula I: wherein R is a hydrocarbon radical having a number average molecular weight of about 500 to about 5,000, a and b are independently 2 or 3, and x is 0 to 10, with an ethylenically unsaturated carboxylic acid or anhydride thereof, in a charge mole ratio of the ethylenically unsaturated carboxylic acid or anhydride thereof to the succinimide of formula I of about 0.9:1 to about 1.05:1; and (b) reacting the succinimide product of step (a) with an acidic molybdenum compound. Also disclosed is a lubricating oil composition containing at least (a) a major amount of a base oil of lubricating viscosity and (b) a minor amount of the molybdated succinimide complex.