A process has been developed for preparing a Fischer-Tropsch catalyst precursor and a Fischer-Tropsch catalyst made from the precursor. The process includes preparing a catalyst precursor by contacting a boehmite material with a stabilizer containing vanadium-phosphorus. The boehmite material includes two or more different crystalline boehmites having the same average crystallite size to the nearest whole nanometer and having differing properties selected from surface area, pore volume, density and combinations thereof. The boehmite material is subjected to at least one heat treatment at a temperature of at least 500° C., either before or after the contacting step to obtain a stabilized catalyst support having a pore volume of at least 0.3 cc/g. A catalytic metal or a compound containing cobalt is applied to the stabilized catalyst support to form the catalyst precursor. Finally, the catalyst precursor is reduced to activate the catalyst precursor to obtain the Fischer Tropsch catalyst. The catalyst has enhanced hydrothermal stability as measured by losing no more than 6% of its pore volume when exposed to water vapor.