Formic acid is well-recognized as safe and convenient hydrogen carrier. Development of active and cost-effective catalysts for formic acid to hydrogen conversion is important problem of hydrogen energy field. Herein, we report on new Co catalysts supported on oxidized multi-walled carbon nanotubes (MWCNTs), which demonstrate high efficiency in the gas-phase formic acid decomposition affording molecular hydrogen. Various parameters of the catalysts, Co loading, MWCNTs structure, and nanotubes treatment conditions, have been investigated in terms of their influence on the catalytic properties. The catalysts morphology has been characterized with a set of physicochemical methods. It is found that the catalytic activity of Co particles depends on their electronic state and location on the support. Co species located inside the MWCNTs channels are less active than Co species stabilized on the outer surface. An increase in the content of Co nanoparticles on the MWCNT outer surface leads to a higher catalytic activity.