The joint effect of skeletal cobalt and zeolite on the main catalytic parameters of a pelletized composite catalyst has been studied. All samples contain 50 wt % fine metallic aluminum powder. The amounts of other components are as follows: 20-30 wt % binder (boehmite), 5-20 wt % Beta zeolite in the H form (SiO2/Al2O3 = 38), and 10-20 wt % fine skeletal cobalt. The reference catalyst does not contain any zeolite. All the catalysts exhibit activity in Fischer-Tropsch synthesis and secondary transformations, the intensity of which depends on the zeolite/cobalt ratio. The composition of the resulting hydrocarbons (HCs) varies over a wide range; in particular, the content of n-paraffins and olefins is 39-88 and 3-38%, respectively. The chain growth probability varies in a range of 0.65-0.83 depending on the zeolite/cobalt ratio and the synthesis conditions. It has been shown that the catalysts studied are superior advantage to other cobalt-zeolite catalysts in CO conversion, specific activity, productivity, and stability.