Combined oxydehydrogenation and cracking catalyst for production of olefins

A catalyst is provided comprising (1) at least one solid acid component, and (2) at least one metal-based component comprised of one or more element from Groups 1-3, one or more element from Groups 4-15 and one or more element from Groups 16 and 17 of the Periodic Table of the Elements. The catalyst is particularly useful in producing light olefins, preferably from paraffins. When used to convert paraffins to light olefins, the catalyst is capable of high paraffin conversion, high olefin yield, and low aromatic yield. Optionally, the catalyst can further comprise at least one of a support and a binder.