Abstract: Two kinds of catalysts coated by oleic acid (OA@ Fe2 O3 ) and oleylamine ( OLA@ Fe2 O3 ) were prepared by two-phase hydrothermal synthesis. The coated nanocatalysts were characterized by transmission electron microscopy (TEM),thermogravimetric analysis ( TGA), X-ray diffraction ( XRD) and Fourier transform infrared spectrometry (FTIR). The results showed that the particle size of two samples was about 5 nm and 3 nm. The fraction of Fe2 O3 reached 53. 40% and 66. 62% respectively. Under the same Direct Coal Liquefaction (DCL) conditions,contrasted to commercial Fe2 O3 ,the prepared catalysts were used in the DCL of Nao Mao Lake coal samples. When the coated Fe2 O3 were used as catalysts,not only the conversion rate exceeded 96% ,the liquefaction rates increased by 8. 64%and 8. 34% respectively,and the gas production rate was reduced by 5. 78% and 6. 34% respectively. Also,the resid-ual carbon rate of preasphaltenes and asphaltenes (PAA) for OLA@ Fe2 O3 was less than commercial Fe2 O3 ,and OA @ Fe2 O3 was higher than commercial Fe2 O3 . It indicates that the process of PAA to oil can be promoted by OLA@Fe2 O3 catalyst. Therefore,relatively cheap oleylamine can replace oleic acid to prepare coated Fe2 O3 completely.