We investigate the collider phenomenology of gluino-bino co-annihilation
scenario both at the Tevatron and 7 TeV LHC. This scenario can be realized, for
example, in a class of realistic supersymmetric models with non-universal
gaugino masses and t-b-\tau Yukawa unification. The NLSP gluino and LSP bino
should be nearly degenerate in mass, so that the typical gluino search channels
involving leptons or hard jets are not available. Consequently, the gluino can
be lighter than various bounds on its mass from direct searches. We propose a
new search for NLSP gluino involving multi-b final states, arising from the
three-body decay \tilde{g}-> b\bar{b}\tilde{\chi}_1^0. We identify two
realistic models with gluino mass of around 300 GeV for which the three-body
decay is dominant, and show that a 4.5 \sigma observation sensitivity can be
achieved at the Tevatron with an integrated luminosity of 10 fb^{-1}. For the 7
TeV LHC with 50 pb^{-1} of integrated luminosity, the number of signal events
for the two models is O(10), to be compared with negligible SM background
event.Comment: 14 pages, 4 figures and 3 tables, minor modifications made and
accepted for publication in JHE