Carbon capture and utilization represents a promising strategy to meet the global energy and climate goals. Under specific conditions, CO2 catalytic hydrogenation with renewable H2 can transform waste CO2 into a chemical feedstock for added‐value energy carriers and chemicals. CO2‐Fischer–Tropsch synthesis‐based‐hydrocarbons should contribute to the creation of a circular carbon economy with a significant impact on anthropogenic emission into the atmosphere. This review summarizes the progress achieved toward the single‐step hydrogenation of CO2 to long‐chain hydrocarbons over oxide‐supported Co‐based catalysts. Mechanistic aspects are discussed in relation to thermodynamic and kinetic limitations. The main parameters that must be taken into consideration to increase the activity and the selectivity toward compounds of two or more carbon atoms (C2+) are discussed in detail: cobalt active phase, support and metal‐support interfaces, and promoters. Finally, particular focus is dedicated to the role of reducible oxide supports and their surface defects on the activation of CO2, as well as on the regulation and evolution of metal‐support interactions.