The effect of strontium substitution in the structure of the complex oxide Gd2SrFe2O7 on the production of light olefins by CO hydrogenation was investigated. Perovskite-type oxides Gd2−xSr1+xFe2O7 (x = 0; 0.1; 0.2; 0.3; 0.4) were synthesized by sol–gel technology and characterized by XRD, Mössbauer spectroscopy, BET specific area, acidity testing, and SEM. The experimental data revealed a correlation between the state of iron atoms, acidity, and catalytic performance. It was found that with an increase in the content of Sr2+ in the perovskite phase, the basicity of the surface and the oxygen diffusion rate increased. This contributed to the CO dissociative adsorption, formation of active carbon, and its further interaction with atomic hydrogen.