The effect of two iron catalysts, red mud and CGS S-G, as well as C0-Mo/AI2O3 and Ni-Mo/Al203 commercial catalysts on the composition of oil derived from the liquefaction of Japanese subbituminous coal have been investigated comparatively by conventional autoclave experiments at 440 and 450°C under initial hydrogen pressure of 85kg/cm2G with tetralin to coal weight ratio of 3. From the results obtained at 450°C, total conversion and the yield of gas revealed almost same level with four catalysts, but the oil product from molybdenum catalysts showed higher yield than that from iron catalysts. CGS S-G catalyst also showed higher yield of oil product than red mud catalyst. Reaction behavior of two iron catalysts were also tested by solvent recycle mode experiments.