The joint promoting action of zirconium and molybdenum nanosized powders on the catalytic properties of ZSM-5 zeolite with different silica ratios in the conversion of natural gas into liquid hydrocarbons was studied. By means of thermal analysis and high-resolution transmission electron microscopy, data on the amount and nature of the coke deposit produced during the reaction on the surface of the Zr-Mo/ZSM-5 catalyst were obtained. It was shown that the addition of zirconium to the molybdenum-containing catalyst leads to enhancement of the catalyst activity and selectivity in the formation of aromatic hydrocarbons from natural gas components. It was found that the maximal amount of aromatic compounds is formed in the presence of zeolite having a silica ratio of 40 and containing 0.5% Zr and 4.0% Mo.