The Fe–Mn/Al2O3 nanocatalysts were manufactured via the sol‐gel procedure and were evaluated for Fischer–Tropsch synthesis. The impact of different operational parameters of T, P, and H2/CO ratio on the catalytic performance for light olefins production has been studied using response surface methodology (RSM). Furthermore, the optimization and modeling of selected responses were also carried out via RSM and historical data design type of DOE; and the best process conditions were found to be T = 365°C, H2/CO = 1.50, and P = 1.50 bar. The mechanism of CO hydrogenation reaction over the Fe–Mn/Al2O3 nanocatalysts was also investigated using the non‐linear regression method. It was found that the mechanism of the CO hydrogenation reaction is based on the Eley–Rideal type and the best‐fitted equation for this mechanism was found to be −rCO = KPCOPH2/1+αPCO. The obtained value of activation energy (85.20 kJ mol−1) affirmed the absence of internal mass transfer limitations. The physico‐chemical properties of the samples were investigated by various techniques of XRD, BET, TPR, TGA, and DSC.