A process is described for converting an oxygenate-containing feedstock into one or more olefins in which the feedstock is contacted in a reaction zone with a fluidized bed of a particulate catalyst composition comprising a molecular sieve and at least one metal oxide having an uptake of carbon dioxide at 100.degree. C. of at least 0.03 mg/m.sup.2 of the metal oxide whereby at least part of the feedstock is converted into a product stream comprising one or more olefins and a carbonaceous material is deposited on the catalyst composition to produce a coked catalyst composition. The coked catalyst composition is separated from the product stream and divided into at least first and second portions. The first portion of the coked catalyst composition is contacted with a regeneration medium in a regeneration zone under conditions to remove at least part of the carbonaceous material from the coked catalyst composition and produce a regenerated catalyst composition, which is subsequently recycled to the reaction zone. The second portion of the coked catalyst composition is also recycled to the reaction zone but without being initially contacted with a regeneration medium.