A carbon‐supported cobalt nano‐catalyst (Co/C) synthesized through plasma was tested for Fischer‐Tropsch activity. Catalyst deactivation and activation protocols studied included in situ sample pre‐treatment at 673 K in gas flowing at the rate of 250 cm3 · min−1 in: (a) H2 only, (b) CO only, and (c) CO followed by H2, with each cycle lasting 24 h. The so‐treated catalyst samples were then tested for FTS activity for over 50 h of time‐on‐stream (TOS), at 2.2 MPa pressure and 493 or 518 K temperature in a 3‐phase continuously‐stirred tank slurry reactor (3‐φ‐CSTSR) using squalane (C30H62) as the carrier liquid phase. The feed gas composition of molar H2:CO = 1.7 comprising 50 % H2, 30 % CO, and 10 % CO2 balanced in Ar for mass balance determination, flowing at a gas hourly space velocity (GHSV) of 3360 cm3 · h−1 · g−1 of catalyst. Fresh catalysts and those reduced by CO‐only were completely inactive at 493 K and initial inactivity was attributed to the excessive C matrix formed around the metal nanoparticles during catalyst synthesis. The sample that was reduced by H2 only was the most active, although it showed the fastest declining activity due to cumulative high H2O vapour pressure in the FTS reactor, while the sample pre‐treated in both CO and H2 demonstrated a higher degree of stability with TOS.