A novel catalyst composition and its use in the dehydrogenation of alkanes to olefins. The catalyst comprises a Group VIII noble metal and a metal selected from the group consisting of manganese, vanadium, chromium, titanium, and combinations thereof, on a support. The Group VIII noble metal can be platinum, palladium, osmium, rhodium, rubidium, iridium, and combinations thereof. The support can be silicon dioxide, titanium dioxide, aluminum oxide, silica-alumina, cerium dioxide, zirconium dioxide, magnesium oxide, metal modified silica, silica-pillared clays, silica-pillared micas, metal oxide modified silica-pillared mica, silica-pillared tetrasilicic mica, silica-pillared taeniolite, zeolite, molecular sieve, and combinations thereof. The catalyst composition is an active and selective catalyst for the catalytic dehydrogenation of alkanes to olefins.