This paper reports the hydrocoprocessing of a low-rank coal and rubber from discarded tires in the presence and absence of Red Mud as an iron catalytic precursor. A subbituminous coal from northeast Spain is processed with ground rubber from a mixture of old tires, free of steel thread and textile netting. This is the first time that the influence of the hydrogen pressure on conversion products is deeply analyzed. In addition, the influence of the coal−tire ratio on conversion and product distribution is also studied. Experiments have been conducted in small tubing bomb reactors, held by an oscillation device, and immersed in a preheated fluidized sand bath. Temperature (400 °C) and the reaction time (30 min) were kept constant. The THF-soluble and n-hexane-soluble products have been characterized by thin layer chromatography. Gas and asphaltene formations are commented, and THF insolubles are thoroughly studied following the iron evolution, both from coal mineral matter and those added as catalyst precur...