Ni3Co1/ELAC catalyst, prepared by the enzymatically hydrolyzed lignin activated carbon as a carrier and a 3 : 1 ratio content of nickel and cobalt, can selectively convert furfural to cyclopentanol (CPL) in aqueous solution. We used activated carbon prepared by the phosphoric acid method as the carrier, and investigated the effect of the carrier on the catalyst activity. The ratio of bimetal (Ni, Co) content and reaction conditions (reaction temperature, reaction time, initial H2 pressure) have also been investigated in the furfural hydrogenation. With the optimal Ni3Co1/ELAC catalyst, the conversion rate of furfural and the selectivity of CPL were 100% and 94.1%, respectively. In this process, some important catalysts were studied by XRD, XPS, ICP-AES, BET and TEM characterization. Through experimental results and other people’s research, we deduced a reasonable reaction path and verified it by replacing the reaction substrate and solvents. Finally, the experiment proved that the formation of CPL by furfural required the occurrence of a rearrangement reaction and the participation of aqueous solution.