The liquefaction of Wyoming coal (subbituminous coal) was investigated with an autoclave of 50 mt capacity, using Ketjen Black (KB)-supported NiMo catalyst, which has higher hydrogenation activity of 1-methylnaphtalene than a commercial NiMo/Al(2)O3. KB-supported NiMo catalyst gave the oil and oil plus asphaltene yield of 54 and 69% under reaction conditions of 440 degrees C, 60 min, and 13 MPa. These yields were much higher than those of a commercial NiMo/Al2O3 and synthesized FeS2 catalysts. The KB-supported NiMo catalyst was found to be recovered from the solid products using polar solvents such as THF because it is highly dispersed in liquid products due to its low specific gravity and the hydrophobic property of its surface. It was also found that KB-supported NiMo catalyst suffered the least deactivation by coke formation and mineral matter deposition because the recovered catalyst as THFI residue appeared to regenerate the activity to a level similar to the fresh catalyst.