The present invention relates to a process for preparing metal containing bi-functional catalyst for dewaxing and metal containing bi-functional catalysts prepared by the process. The process for preparing metal containing bi-functional catalyst of the invention comprises the steps of: reacting silica with aqueous alkali metal solution to obtain aqueous alkali metal silicate solution, adding the aqueous alkali metal silicate solution to a template in a dropwise, followed by hydrothermal synthesis to obtain MCM-41 support, calcining precipitate formed by mixing the MCM-41 support with Al precursor to obtain Al-MCM-41 and, incorporating metal followed by calcination. The metal containing bi-functional catalyst catalyzes isomerization rather than cracking in the conversion of n-hexadecane, which makes possible its practical usage as a dewaxing catalyst of lubricating oil and diesel oil.