One-step preparation method of metal-carbon nanocomposites based on bimetallic Co–Ru nanoparticles supported and IR carbonized polyacrylonitrile was proposed. IR pyrolysis of the precursor based on joint solution of polyacrylonitrile and metal compounds leads to the simultaneous formation of carbon support and bimetallic metal nanoparticles. The metal reduction occures due to the release of hydrogen during decomposition of backbone polymer chain. Furthermore, IR radiation shortens fabrication time significantly. It was shown that the presence of cobalt and ruthenium in the system provides the creation of alloy Co–Ru nanoparticles. In addition, cobalt provides a formation of structured carbon shells around bimetallic nanoparticles. The nanocomposites were tested as catalysts for the hydrogen production through ethanol steam reforming. The dependence of structural and functional properties on the metal loading was demonstrated. The high yield of hydrogen was recorded for all three samples, whereas the by-product yield was relatively low.