The addition of oleic acid (OA) could improve Pd and Pt dispersion remarkably on SiO2. XPS results showed that the introduction of OA resulted in increased proportion of metallic palladium. The 0.25%Pd-0.25%Pt/SiO2–OA catalyst exhibited best catalytic activity, and T98 of toluene was only 160 °C. 0.25%Pd-0.25%Pt/SiO2–OA kept high catalytic activity and showed superior anti-coking ability in the stability test.