A high-viscosity-index mineral lubricating oil is produced by treating, for instance, a deasphalted residuum or a raw, heavy lubricating distillate oil in a two-stage process. The feedstock is first catalytically hydrocracked, then catalytically hydrogenated and can be fractionated and dewaxed to produce a finished product. Catalysts such as nickel-tungstate on boriaalumina and nickel-molybdate on alumina are employed in the two stages, respectively. The catalysts are preferably used in sulfided form.