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Carbon nanofiber-supported molybdenum carbide catalysts (Mo2C/CNF) with different loadings were prepared by the carbothermal hydrogen reduction method. Characterizations with Raman, XRD, N2-TGA, SEM, TEM and HAADF-STEM confirmed that Mo2C nanoparticles were successfully supported on the carbon nanofibers. The optimal reaction conditions with model compounds on Mo2C/CNF had a conversion of 98.03% and yield of 95.26%. It is interesting to note that a low evaporation rate positions the Mo2C nanoparticles on the outside of the CNF due to the capillary effect and the Mo2C nanoparticles on the outside of the CNFs showed high catalytic activity compared to ones on the inside of the CNFs. The Mo2C/CNF catalyst was recycled 5 times without any apparent loss of catalytic activity. Catalytic performances of Mo2C/CNF, Mo2C/AC (activated carbon) and Mo2C/CNT (multi-walled carbon nanotubes) were examined using methyl palmitate and maize oil. The results showed that molybdenum carbide could be a potential substitute for noble metals in transformation of vegetable oils.