The dispersed Ni catalyst was studied for slurry phase hydrocracking of Karamay residue,the catalyst was separated at different reaction time and be characterized.It was inferred that,the water-soluble salts turned into NiS and Ni3S2 after one hour or two hours reaction respectively.While after reaction 3 h,the crystal of Ni9S8 was appeared in the catalyst,and after reaction 4 h,the catalyst was mainly made up of Ni9S8.It was also concluded that the coke restraining ability of the catalyst containing different kind crystal would be different,and the proper reaction time of Karamay residue hydrocracking with dispersed Ni catalyst is 1~2 h.