The catalytic conversion of ortho-hydrogen (o-H2) to para-hydrogen (p-H2) serves as a crucial step in the storage of liquid hydrogen over extended periods. A variety of iron-cobalt catalysts were synthesized using a precipitation technique, incorporating diverse levels of Co doping into Fe-based catalysts. The effects of Co doping on the crystal structure, porosity, and magnetism of FCO were examined through XRD, N2 adsorption-desorption, FTIR, XPS, and VSM analyses. The efficacy of ortho-para hydrogen conversion within FCO at 77 K was analyzed using chromatography. Findings revealed that Co doping enhances the material’s lag coefficient, leading to an increase in active sites and larger magnetic moments. Notably, FCO-5 [n(Fe)/n(Fe + Co) = 0.5] exhibited the most efficient ortho-para hydrogen conversion performance. Specifically, at GHSV = 5400 h− 1, FCO-5 achieved a reaction rate constant of 291.7 mol·L− 1·s− 1, a conversion rate of 99.24%, and a post-conversion p-H2 content of 49.7%.