The metathesis of alkanes is a process in which a given alkane is transformed into higher and lower homologues. Here, we carried out DFT calculations in order to get insights into the most favorable reaction pathway for the metathesis of propane into mainly ethane and butane catalyzed by a silica-supported molybdenum alkylidene bearing an imido ligand at 150 °C. The overall catalytic process is divided into two stages, precursor activation and catalytic cycle, and both of them consist of the same types of reactions, (i) ligand exchange, (ii) proton transfer between two α-carbons, and (iii) ligand rearrangement, which in turn consists of several steps, such as β-H elimination, alkene cross-metathesis, and alkene insertion. Our results suggest that the formal ligand exchange reaction with propane proceeds through a dissociative mechanism with the formation of a high-energy molybdenum alkylidyne species. The calculated energetics at 150 °C indicates that the active species is a molybdenum propylidene species that is formed with an overall Gibbs activation barrier of 39.4 kcal mol–1. The catalytic cycle to the main products (ethane and butane) has an energy span of 43 kcal mol–1, whereas the cycle for the production of minor products (methane and pentane) has a much higher energy span, in agreement with experiments. These data suggest that the catalytic cycle is the rate-determining stage in the whole process and thus the precursor activation should be faster. The results obtained here help to rationalize the chemical reactivity of supported molybdenum alkylidene catalysts toward alkanes.