It has been shown that the mode of introduction of cobalt into a granular composite catalyst based on an HB zeolite has an effect on the characteristics and composition of the Fischer-Tropsch synthesis products. It has been found that the introduction of skeletal cobalt into the composition of the catalyst by wet mixing provides a higher productivity with respect to C5+ hydrocarbons (HCs). A catalyst prepared by impregnation of zeolite-containing granules has been found to exhibit the highest selectivity, while the highest specific activity has been revealed for a composite containing a Co/HB impregnation powder catalyst introduced by wet mixing. It has been shown that high specific activity does not provide high productivity in the formation of C5+ HCs and, to achieve a high productivity of the catalyst, it is necessary to form granules exhibiting heat conductivity and having a developed porous system for optimization of heat and mass transfer.