The present invention relates to a catalyst for the dehydrogenation of hydrocarbons which is based on iron oxide and a process for producing it. The catalyst comprises at least one iron compound, at least one potassium compound and from 11 to 24% by weight of at least one cerium compound, calculated as CeO2, wherein the at least one iron compound and the at least one potassium compound are at least partly present in the form of one or more K/Fe mixed oxide phases of the general formula KxFeyOz, where x is from 1 to 17; y is from 1 to 22 and z is from 2 to 34, and comprises at least 50% by weight, based on the total catalyst, of the K/Fe mixed oxide phases, and also a process for producing it.