Abstract The effect of process conditions on the co-processing technology of crude oil and coal was investigated. Crude oil/coal matching performance, swelling degree, crude oil/coal slurry viscosity-temperature characteristics and process parameters were obtained via the laboratory scale and pilot scale studies. The optimum reaction temperature of the co-processing was 445~450 oC, the pressure was 19 MPa, the catalyst addition was 3 wt.%, the reaction time was 2 h, and the ratio of hydrogen to crude oil was 1500 (V/V). Furthermore, the co-processing technology including catalyst and corresponding equipment based on the slurry bed hydrogenation were developed. By using this co-processing technology, the feed ratio of crude oil and coal can be 1:1, the coal conversion rate can be over 99%, the light oil (oil and aromatics) yield was over 70%, and the end products were gasoline, diesel, jet fuel, aromatics and LPG. The product quality meets the Euro V standard, whilst aromatics accounted for 48% of the light oil. So it was proved to be feasible to co-refine crude oil and coal at a ratio of 1:1. What’s more, the slurry bed hydrogenation plant and its equipment were tested for long-term operation, and it has been proved that this co-processing technology could be deployed as large-scale industrial application.