In this study, a series of Ni10MoxAl composite metal oxide (Ni10MoxAl, NiO = 10 wt.%, x = 2.5, 5, 10, 15, 20 wt.%) catalysts with different Mo content were prepared by a solvothermal method using a water—ethanol system. By employing various characterization technologies, it was confirmed that the suitable amount of the Mo element can not only promote the dispersion of the Ni species but also inhibit the formation of the inactive NiAl2O4 phase. Consequently, the hydrogenation activity of the Ni10MoxAl catalysts was affected by the particle size of the active components and the amount of the NiAl2O4 phase. As a result, the Ni10Mo10Al catalyst showed the best catalytic performance on methyl acrylate hydrogenation, and the yield of methyl propionate can be increased from 53.7% to 89.5% at 100 °C and 1 MP H2, compared with the Ni10Mo10/γ–Al2O3 catalyst prepared by a traditional impregnation method. The stability of the Ni10Mo10Al catalyst was also investigated, and the catalyst can run stably for 23 h. The novel strategy adopted in this article provides a new direction for the preparation of high activity Ni–Mo catalysts.