The circular economy is considered a keystone of sustainable development, and its implementation requires analyzing both product and by‐products, as well as process waste. In this study Fischer‐Tropsch synthesis product selectivity over Fe/SiO2 catalyst was investigated in the reaction temperature range of 240 to 300°C. The composition of the gas, liquid hydrocarbon, and wax products is discussed alongside the aqueous phase, which is rarely addressed. It was found that 280°C is the optimal temperature for condensable hydrocarbon production over Fe/SiO2 catalyst. The increase in reaction temperature led to a decrease in the selectivity of 1‐olefins and alcohols in the liquid hydrocarbon phase and waxes, but at the same time contributed to an increase in the content of alcohols in the aqueous phase products.