Zirconia supported nickel and cobalt-nickel bimetallic catalysts were prepared and characterized for various physico-chemical properties. The hydrogenation of carbon monoxide was studied over these catalysts in the pressure range of 101.3-1654 kPa, temperature range of 513-533 K, weight hourly space velocity range of 8-14 h(-1) and H2/CO mole ratio of 2. Catalysts containing both Co and Ni were found to give higher C5+ hydrocarbons selectivity compared to that containing only Ni. A maximum C5+ hydrocarbons selectivity of 55 wt% was obtained at 655 kPa pressure, 523 K and 9.6 h(-1) of WHSV with catalyst containing 4.03 wt% Co and 2.64 wt% Ni. The C-2 and C-3 olefin contents of the products decreased with increase in pressure. Improved deactivation behavior of the catalysts was observed when operated at high pressure.