Abstract: The watersoluble molybdenum catalyst dispersed in oil by using two different methods of dispersion and sulfuration, which was separated and characterized. It shows that the average particle size of the molybdenum crystal is smaller while the emulsion breaking and sulfurizing at 300℃ or at 200℃. The watersolubility molybdenum turns into MoS2 while sulfurizing at 100℃. By using two different methods of dispersion a lower degree of crystallinity is obtained, but the degree of crystallinity increases obviously while sulfurizing at 300℃. The results also show that the coke restraining ability of the catalyst increases when the sulfuration time is prolonged. While the sulfuration time is beyond 2 hours, the coke restraining ability of the catalyst will go steadily with time.