In a process for producing olefins by a metathesis reaction comprising feeding an olefin gas to pass the olefin through a catalyst bed in the presence of hydrogen gas to convert the olefin into another kind of olefin, the catalyst bed having a catalyst including at least one metal selected from the group consisting of tungsten, molybdenum, rhenium, niobium, tantalum and vanadium, and a co-catalyst including a basic compound having at least one metal selected from the group consisting of Group Ia (alkali metals), Group IIa (alkaline earth metals), Group IIb and Group IIIa of the periodic table, the improvement lies in controlling the superficial velocity of the gas passing through the catalyst bed to 0.01 to 2.0 m/sec. According to the present invention, the presence of hydrogen gas dramatically increases the durability of the metathesis catalytic activity and the by-production of paraffins is suppressed.