A composition of a value added RFCC catalyst and a process of preparation of a composition for a dual function additive catalyst from a spent catalyst are disclosed. The value added spent FCC catalyst offers improved performance, options such as either employing as an additive for passivation of both vanadium and nickel and enhancing catalytic activity, for initial start-up or make-up for attrition losses. The value addition process does not harm any of physical properties of starting material with respect to ABD, attrition index, surface area and particle size distribution. Value added catalyst can be used in a range from 1-99 wt % in fluid catalytic cracking process in which, feeds may have higher metals and carbon.