Hydrogenated carboxyl nitrile rubber (HXNBR) is endowed with superior mechanical performance and heat–oxygen aging resistance via emulsion hydrogenation of its precursor, i.e., carboxyl nitrile rubber (XNBR). Herein, a ruthenium-based catalyst was prepared to achieve the direct catalytic hydrogenation of XNBR latex. The effects of a series of hydrogenation conditions, such as catalyst dosage, solid content and reaction temperature, as well as the hydrogen pressure, on the hydrogenation reaction were investigated in detail. We found that the hydrogenation rate fell upon increasing the solid content of the XNBR latex, with an XNBR conversion rate of 95.01 mol% in 7 h with 11.25 wt% solid content. As the reaction temperature was increased, the hydrogenation rate first increased and then decreased. The fastest reaction hydrogenation rate was reached at 140 °C, with an XNBR conversion of 95.10 mol% in 5 h. The hydrogenation rate was positively related with the hydrogen pressure employed in the reactor. In view of the safety and cost, a pressure rate of 1300 psi was considered optimal. Similarly, the hydrogenation rate can also be enhanced by adding more catalyst. When 0.05 wt% catalyst was added, the fastest hydrogenation rate was achieved. In summary, the following optimum hydrogenation conditions were determined by using a synthesized ruthenium-based catalyst: 11.25 wt% solid content of XNBR latex, 140 °C of reaction temperature, 1300 psi of hydrogen pressure and 0.05 wt% catalyst. The vulcanization, mechanical performance, aging resistance and oil resistance of the produced HXNBR under the above reaction conditions were systematically investigated.