Active and stable catalysts are essential for effective hydrogenation of gaseous CO2 into valuable chemicals. This work focuses on the structural and catalytic features of single metals, i.e., Co and Ni, as well as bimetallic CoNi alloy catalysts synthesized via combustion of reactive sol-gels. Different characterization methods were used for studying the relationships between the structure, composition, and catalytic activity of the fabricated materials. All catalysts exhibited highly porous sponge-like microstructure. The outermost surfaces of the CoNi alloys were more saturated with Co, while a stoichiometric Co/Ni ratio was observed for the particle’s bulk. Catalytic properties of the as-synthesized powders were studied in the CO2 hydrogenation reaction at 300 °C for over 80 h of time on stream. All the catalysts demonstrated exceptional selectivity with respect to CH4 formation. However, the combination of elemental Co and Ni in a single phase resulted in a synergistic effect in bulk alloy catalysts, with activity twofold to threefold that of single-metal catalysts. The activity and stability of the CoNi3 catalyst were higher than those previously reported for Ni-based catalysts. The reasons for this behavior are discussed.