The effects of reduction temperature and reaction temperature, pressure and space velocity on iron-based K/FeCuAlO x Fischer-Tropsch catalysts prepared by co-precipitation were investigated. The catalyst reduced at 150°C deactivated quickly due to an abundance of unreduced iron species. With increasing reduction temperature, the iron oxide's phase transformed from hematite (a-Fe 2 O 3 ) to magnetite (Fe 3 O 4 ) and finally to metallic iron (a-Fe). The induction period to reach steady-state catalytic activity was reduced at increased reduction temperatures due to in situ reduction by syngas during reaction. CO conversion increased with increasing reaction temperature, and selectivity to C 5 ? decreased with increasing reaction pressure and space velocity. At reaction temperatures up to of 300°C, CO 2 formation by the water-gas shift reaction was linearly correlated with the extent of CO conversion, and CO 2 formation was slightly suppressed at C350°C by a reverse water-gas shift reaction.