A study of the structure and catalytic properties of the cobalt- and iron-containing catalysts synthesized by the subcritical deposition in the water medium was performed in the current work. The catalyst synthesis was carried out at a temperature of 200 °C and a total pressure of 7.5 MPa using silica as support. The catalytic activity of the synthesized materials was studied in the liquid-phase Fischer-Tropsch synthesis. The study of catalyst structure and composition showed that the use of silica as catalyst support allows the formation of Co- and Fe-containing particles consisted of metal oxides. Testing of the synthesized catalysts in liquid phase Fischer-Tropsch synthesis showed that Co-based catalyst allowed the formation of gasoline-range hydrocarbons. It is noteworthy that Co/SiO2 showed higher selectivity towards the formation of linear C5-C8 hydrocarbons. In the case of Fe-containing catalyst, the formation of a significant amount of oxygenates (C3-C4 alcohols) was found.