Abstract: A method for making a nanocatalyst includes the steps of forming a mixture of a catalyst precursor, and a crude oil media, wherein the catalyst precursor is insoluble in the oil media, then heating the mixture in the presence of a stability agent, thereby liberating the catalyst particles from the precursor while the stabilizing agent prevents growth of the catalyst particle so that nanocatalyst particles form and are maintained in the oil media. The resulting catalyst composition as well as a hydroconversion process using the catalyst are also disclosed.