Novel bimetallic Pd-Co catalysts supported on the carbon material Sibunit were synthesized by an incipient wetness impregnation method and used for ethylene production by selective acetylene hydrogenation. It has been established that an increase in the Pd:Co molar ratio from 1:0 to 1:2 in 0.5%Pd-Co/C catalysts, treated in hydrogen at 500 °C, leads to an increase in the ethylene selectivity from 60 to 67% (T = 45 °C). The selectivity does not change with a further increase in the modifier concentration. The catalysts were investigated by TPR-H2, XRD, TEM HR, EDS, and XPS methods. It was shown that palladium and cobalt in the 0.5%Pd-Co/C samples form Pd(1−x)Cox phases of solid solutions with different compositions depending on the Pd:Co ratio. The cobalt concentration in the Pd-Co particles increases with an increase in the Pd:Co ratio up to 1:2 and then remains at a constant level. In addition, monometallic Co particles were present in the samples with the Pd:Co ratio higher then 1:2. The optimal combination of catalytic properties (the ethylene yield is 62–63%) is typical for catalysts with a Pd:Co molar ratio of 1:2–1:4. which is mainly due to the presence of bimetallic particles containing ~41–43% by at. of cobalt.