Agglomeration of CoB catalysts is a severe problem in hydrogen generation from NaBH4 hydrolysis. Herein, highly dispersed carbon nanofiber immobilized CoB catalysts (CoB/CN) were synthesized by a combined prereduction and carbonization method, which is used in hydrogen generation from NaBH4 hydrolysis. Morphological evolution of carbon nanofibers, phase structure and elemental distribution of CoB/CN catalysts are explored by X-ray diffraction (XRD), transmission electron microscopy (TEM), scanning electron microscopy (SEM) and X-ray photoelectron spectroscopy (XPS). Compared to Co/carbon nanofiber catalysts (Co/CN) without prereduction, CoB/CN catalysts can afford higher CoB dispersity and specific surface area because the migration rate of cobalt species during carbonization is effectively retarded by prereduction. Hence the agglomeration of magnetic CoB nanoparticles can be effectively inhibited. The hydrogen generation experiment shows that CoB/CN catalysts process higher catalytic activity and lower activation energy than Co/CN.