Whole-body PET/CT scanners are important clinical and research tools to study tracer distribution throughout the body. In whole-body studies, respiratory motion results in image artifacts. We have previously demonstrated for brain imaging that, when provided with accurate motion data, event-by-event correction has better accuracy than frame-based methods. Therefore, the goal of this work was to develop a list-mode reconstruction with novel physics modeling for the Siemens Biograph mCT with event-by-event motion correction, based on the MOLAR platform (Motion-compensation OSEM List-mode Algorithm for Resolution-Recovery Reconstruction). Application of MOLAR for the mCT required two algorithmic developments. First, in routine studies, the mCT collects list-mode data in 32 bit packets, where averaging of lines-of-response (LORs) by axial span and angular mashing reduced the number of LORs so that 32 bits are sufficient to address all sinogram bins. This degrades spatial resolution. In this work, we proposed a probabilistic LOR (pLOR) position technique that addresses axial and transaxial LOR grouping in 32 bit data. Second, two simplified approaches for 3D time-of-flight (TOF) scatter estimation were developed to accelerate the computationally intensive calculation without compromising accuracy. The proposed list-mode reconstruction algorithm was compared to the manufacturer's point spread function + TOF (PSF+TOF) algorithm. Phantom, animal, and human studies demonstrated that MOLAR with pLOR gives slightly faster contrast recovery than the PSF+TOF algorithm that uses the average 32 bit LOR sinogram positioning. Moving phantom and a whole-body human study suggested that event-by-event motion correction reduces image blurring caused by respiratory motion. We conclude that list-mode reconstruction with pLOR positioning provides a platform to generate high quality images for the mCT, and to recover fine structures in whole-body PET scans through event-by-event motion correction.