Two routes to produce liquid hydrocarbon fuels from solids via synthesis gas are Fischer-Tropsch (FT) synthesis and methanolto-gasoline (MTG). Using a common and detailed process simulation and cost analysis framework, this paper compares the performance and cost of FT and MTG processes on a self-consistent basis. In particular, FT and MTG production from coal and coal/biomass co-feeds are compared, including detailed mass, energy and carbon balances, fuel-cycle-wide GHG emissions, and prospective capital and production costs. The common analytical framework that includes plant design philosophy and capital cost database enables meaningful comparisons to be made. Economic analysis examines the impact of relative feedstock prices, co-product values, and greenhouse gas emission prices.