Disclosed is an oil-soluble binary compound catalyst for a hydrocracking high-sulfur low-quality heavy-oil slurry bed. The oil-soluble binary compound catalyst is composited by naphthenates of molybdenum (or cobalt) and nickel. Compared with water-soluble catalysts, the oil-soluble binary compound catalyst has the advantages that synthetizing method is simple and easy, adding amount is less, no complex shearing and dispersing device is needed during mixing of heavy oil, so that dispersing cost is greatly lowered, dispersing effect is improved, and operation cost for a hydrocracking process for the high-sulfur low-quality heavy-oil slurry bed is greatly lowered since hydrogenation and hydrocracking activity are basically balanced. With the catalyst, development of the hydrocracking process for the high-sulfur low-quality heavy-oil slurry bed is facilitated, operation cost for the process is lowered, flexibility of operation for a device is strengthened and industrial production is promoted, and the catalyst has fundamental practical significance and remarkable economic benefit.