Biofuels have generated considerable interest as a direct substituent for fossil fuels due to the energy crisis and greenhouse effect. In this article, bifunctional Pt–Mo catalyst supported on activated carbon (AC) was fabricated for in situ hydrogenation of methyl stearate to alkanes using small amounts of formic acid (FA) as a hydrogen source. A total yield of 75.3% is obtained under 290 °C for 2 h with a small FA/methyl stearate mole ratio of 3.9. Prolonging the reaction time to 6 h results in a total yield of 100%. The experimental and characterization results indicate that the strong interaction of β-Mo₂C and Pt over Pt–Mo/AC catalysts give rise to excellent catalytic performance and that Pt active sites are responsible for FA dehydrogenation and decarbonylation of methyl stearate to heptadecane and Pt-doped β-Mo₂C active sites catalyzing hydrodeoxygenation of methyl stearate to octadenane. This catalyst is stable during three recycles and is versatile for various feedstocks.