A hydrogenation catalyst is provided. The hydrogenation catalyst has a nanonickel carrier, and noble metal nanoparticles selected from Pd, Pt, Ru, Rh, or a mixture thereof, which are mounted onto the nanonickel carrier. Moreover, a method of manufacturing a hydrogenation catalyst is provided, and has steps of (1) preparing an aqueous solution containing nickel ions; (2) adding a first reducing agent in the aqueous solution containing nickel ions to form a reactant solution; (3) applying a magnetic field to the reactant solution for a first duration to obtain a nanonickel carrier; (4) preparing a noble metal solution; and (5) placing the nanonickel carrier in the noble metal solution for a second duration so that noble metal nanoparticles are mounted onto the nanonickel carrier.