Nickel-cobalt bimetallic catalysts supported on high surface area graphite with different Ni:Co ratios (3:1, 2:1 and 1:1) and the monometallic Ni and Co were prepared by wetness impregnation method. The catalysts were tested in hydrodeoxygenation (HDO) of guaiacol in the liquid phase at 50 bar of H2 and 300 °C. The materials were characterized by N2 adsorption-desorption, XRD, TEM/STEM, H2-TPR, and CO-chemisorption to assess their properties and correlate them with the catalytic results. The activity was higher on the bimetallic catalysts and followed the trend NiCo2:1/G ∼ NiCo3:1/G > NiCo1:1/G > Co/G > Ni/G. Also, selectivity results showed that Ni was more active in the hydrogenation favoring cyclohexanol production from phenol, while this was inhibited on the Co-containing catalysts. Hence, the results showed that synergy was created between Ni and Co and that their interaction, properties, and catalytic performance depend on the metals' ratio.