Slurry-phase hydrocracking utilizing metal-containing oil-soluble compounds as precursors of dispersed catalysts is an effective approach for heavy oil upgrading. We propose applying metal-based p-tert-butylcalix[6]arene (TBC[6]s) organic species as dispersed catalyst precursors to enhance catalytic hydrogenation reactions involved in the upgrading of vacuum gas oil (VGO). Co- and Ni-based TBC[6]s were synthesized and characterized by SEM-EDX, ICP, XRD, and FT-IR. The thermogravimetric and calorimetric behaviors of the synthesized complexes, which are key properties of dispersed hydrocracking catalysts, were also explored. The experimental evaluation of the synthesized catalyst precursors show that the synthesized metal-based TBC[6] catalyst precursors improved the catalytic hydrogenation reactions. A co-catalytic system was also investigated by adding a commercial, first-stage hydrocracking supported catalyst in addition to the dispersed catalysts. The naphtha yields increased from 10.7 wt.% for the supported catalyst to 11.7 wt.% and 12 wt.% after adding it along with Ni-TBC[6] and Co-TBC[6], respectively. Mixing the metal-based precursors resulted in elevated yields of liquid products due to the in situ generation of highly active Co–Ni bimetallic dispersed catalysts.