The preparation of Raney Nickel involves several steps: 1. Alloying: Nickel and aluminum are melted together to form a nickel-aluminum alloy. 2. Leaching: The alloy is then treated with a concentrated solution of sodium hydroxide (NaOH), which dissolves the aluminum. 3. Activation: The remaining nickel is washed to remove any residual aluminum and sodium hydroxide, resulting in a highly porous and active form of nickel.