An oil-soluble CoMo bimetallic catalyst was prepared for an application to hydrocracking reaction of heavy oil. Layered ammonium cobalt molybdate was synthesized by precipitation, and the bimetallic dispersed catalyst was prepared by coating the layered material with oleic acid as an organic ligand. The prepared catalyst was characterized by X-ray diffraction (XRD) and Fourier transform infrared (FTIR) spectroscopy. The oleic acid added during the preparation step was found to be chemisorbed as a carboxylate onto the particles. The activities of the CoMo bimetallic dispersed catalyst were compared to those of other monometallic dispersed catalysts and simple physical mixtures of these catalysts in an effort to evaluate the applicability and synergistic catalytic effect of the CoMo bimetallic dispersed catalyst in the hydrocracldng of heavy oil. The catalyst promoted the asphaltene and sulfur conversion activities, maximizing the yield of the liquid product. These results suggest that a bimetallic effect can be created when two metals are chemically bound to form a single catalyst.