With mounting concerns about reducing carbon emissions, developing a catalyst that can be used in the hydrogenation of CO 2 to olefins makes sense. Considering the high cost of CO 2 capture, the direct use of low-concentration CO 2 to produce olefins is more promising. In this work, we develop a reliable Mg-modified Fe-based catalyst for the low-concentration hydrogenation of CO 2 to olefins. The optimized KFeMnMg 0.15 catalyst exhibits a high olefin yield of 15.4% with an olefin selectivity of 61.2% at a low CO 2 concentration of 10%. The structural characterizations reveal that the Mg promoter regulates the adsorption strength of reactants CO 2 and H 2 , and the intermediate is CO, which promotes the conversion of CO 2 and inhibits the hydrogenation of olefins. In addition, the Mg promoter plays a critical role in facilitating the formation of iron carbide, which is the active phase of the hydrogenation of CO 2 to olefins. Thus, multiple functions of the Mg promoter realize the efficient conversion of low-concentration CO 2 to olefins.