The direct conversion of syngas to light olefins (STO) over a metal oxide-zeolite bifunctional catalyst has been recognized as a breakthrough development, but the bottleneck of low CO conversion efficiency still exists. Herein, we stepwise develop binary and ternary metal oxides of Zn x Cr y Mn z to reveal the roles of individual metals. Through theoretical prediction and in situ characterizations, the produced Cr 1 Mn 1.5 O 4 spinel by Cr doping exhibits a higher concentration of oxygen vacancies, correlating with higher CO adsorption and catalytic activity, whereas further Zn incorporation generates the satellite ZnCr 2 O 4 spinel around Cr 1 Mn 1.5 O 4 spinel, giving higher H 2 dissociation capability and extra oxygen vacancies. Coupling with SAPO-34, a stable CO conversion efficiency as high as 60.4% at the C 2 −C 4 olefin selectivity of 76.4% is dramatically achieved during a long-term test of 160 h in the fixed bed of granulated Zn 0.10 Cr 0.36 Mn 0.54 / SAPO-34, providing a promising industrial application future of this STO approach.