Relevance. Need to improve the technology for liquid-phase fuel synthesis via the Fischer–Tropsch process. This task requires the development of new methods for creating highly efficient process catalysts that ensure a high yield of target liquid products with low selectivity for by-products such as carbon dioxide and methane. Aim. To develop an active cobalt catalyst (based on Raney cobalt) for increasing the yield of liquid hydrocarbons in the Fischer–Tropsch process for the subsequent production of fuels or fuel fractions. Methods. Capillary gas chromatography, X-ray phase analysis, and Fischer–Tropsch synthesis. Results and conclusions. The authors have obtained the samples of a catalyst based on Raney cobalt, characterized by the presence of cobalt aluminate and non-stoichiometric cobalt oxides in their composition. The catalytic activity of the obtained samples was determined under laboratory conditions by varying the process temperature and pressure, as well as the reagent ratios in the initial syngas. Analysis of the Fischer–Tropsch synthesis products obtained using the active cobalt catalyst showed that the gaseous products are predominantly normal alkanes, primarily methane. Carbon dioxide is present as a by-product, but only at temperatures above 280°C, indicating that the rate of the water-gas shift reaction becomes significant only under high-temperature conditions. The liquid products are a mixture of a wide range of hydrocarbons, consisting mainly of paraffins, naphthenes, and aromatic hydrocarbons. The obtained products require further upgrading. The developed catalysts can be used both as independent catalytic systems and as an additive to conventional supported catalysts.