The activity of supported and in situ synthesized sulfide Ni-W catalysts based on a low-silicon zeolite Y (SiO2/Al2O3 = 5.2) in the hydrocracking of vacuum gas oil is studied. It is shown that the temperature and time of reaction affect the fractional composition and the sulfur content in conversion products. It is found that the phase of tungsten sulfide as well as the mixed Ni-W-S phase active in hydrogenation are formed on the catalyst surface. It is proposed that an increase in activity for the in situ formed catalyst may be explained by a high content of sulfide phases on the catalyst surface and accessibility of the zeolite pore system.