Fe-based catalysts are promising as inexpensive and nontoxic dehydrogenation catalysts, but the active phase has not been elucidated in CO 2 -assisted dehydrogenation. In this study, the phase evolution of supported iron catalyst was studied with in situ XRD, ex situ XRD, XPS, TEM, TG-DTA, and experiments with reaction atmosphere switching. The results show that the original Fe 2 O 3 phase is gradually reduced to α-Fe and then α-Fe is carburized to Fe 3 C in a low CO 2 /i-C 4 H 10 ratio feed atmosphere. The Fe 3 C phase serves as an active phase for i-C 4 H 10 dehydrogenation. When CO 2 is introduced, the Fe 3 C phase also shows high activity for reforming and cracking, leading to higher CO 2 conversion, lower butene selectivity, and a larger amount of coke deposition. With increasing CO 2 /i-C 4 H 10 feed ratio, the iron species in the catalyst would stay at a higher valence state for a longer time. The Fe 3 O 4 phase is maintained throughout the reactions with a CO 2 /i-C 4 H 10 feed ratio of 1/2 or higher, which results in a relatively stable isobutane conversion. This work correlates activephase evolution with catalytic performance and provides a fundamental insight into Fe-based catalysts for butane dehydrogenation.