The present invention relates generally to the delulcanization of rubber. More specifically, the present invention relates to a process for the hydro-devulcanization of vulcanized rubber utilizing a rubber swelling solvent, a source of reactive hyrogen and elevated temperature and, optimally, also uses a dispersed molecular-scale hydrogenation catalyst that is introduced into the vulcanized rubber in a catalytically inert form that is soluable in the rubber swelling solvent.