Isomorphously substituted (MeDM) and impregnated metal-containing MCM-41 (MeO x /IM) catalysts, in which Me = Co, Cu, Cr, Fe or Ni, have been prepared. Structural and textural characterizations of the catalysts were performed by means of X-ray diffraction (XRD), chemical analysis, Raman spectroscopy, electron paramagnetic resonance (EPR), N 2 adsorption isotherms and temperature programmed reduction (TPR). Cu 2+, Co 2+, and Cr 4+/Cr 3+ species were found over the catalysts as cations incorporated in the MCM-41 structure (MeDM) or highly dispersed oxides on the surface (MeO x /IM). The MeDM catalysts exhibited a good performance in the dehydrogenation of ethylbenzene with CO 2. However, MeO x /IM catalysts had a low performance in styrene production (activity less than 15 × 10 −3 mmol h −1 and selectivity for styrene less than 80%) due to the high reducibility of the metals species. However, Ni 2+ or Fe 3+ coordinated with the MCM-41 framework, as well as NiO x and Fe 2O 3 extra-framework species, is continuously oxidized by the CO 2 to maintain the active sites for dehydrogenating ethylbenzene. Deactivation studies on the FeDM sample showed that Fe 3+ species produced active sp 2 carbon compounds, which are removed by CO 2; the referred sample is catalytically selective for styrene and stable over 24 h of reaction. In contrast, highly active Ni 2+ and Ni 0 species produced a large amount of polyaromatic carbonaceous deposits from styrene, as identified by TPO, TG and Raman spectroscopy. An acid–base mechanism is proposed to operate to adsorb ethylbenzene and abstract the β-hydrogen. CO 2 plays a role in furnishing the lattice oxygen to maintain the Fe 3+ active sites in the dehydrogenation of ethylbenzene to form styrene.