A moderate pressure hydrocracking process in which a highly aromatic, substantially dealkylated feedstock having a boiling point in the range between 300.degree. and 650.degree. F. is processed directly to high octane gasoline by hydrocracking over a catalyst, preferably comprising a large pore size, crystalline alumino-silicate zeolite hydrocracking catalyst such as zeolite Y together with a hydrogenation-dehydrogenation component. The feedstock which is preferably a light cut light cycle oil has an aromatic content of at least 50, usually at least 60 percent and an API gravity not more than 25. The hydrocracking typically operates at 600-1000 psig at moderate to high conversion levels to maximize the production of monocyclic aromatics which provide the requisite octane value to the product gasoline.