Cobalt?based catalyst is regarded as a suitable choice for Fischer?Tropsch synthesis (FTS) due to its high activity and strong C—C bond formation ability. FTS reaction mechanism of Co?based catalysts was summarised, and the structure of the active phase as well as the conformational relationship between additives and catalytic performance were analysed. For clarifying the role of catalyst supports, the promotion of FTS reaction via regulating metal?carrier interaction was also summarized. Specially, the direct synthesis of liquid fuel by coupling metal Co with zeolite catalyst was discussed, and the reaction route for liquid fuel and the character of as?used bifunctional catalyst were focused.