Abstract: The micrometer scale spherical Fe-Cu-K-SiO2 catalysts were prepared by means of spray drying technology for precipitate slurry, which was obtained by a continuous precipitation method using four inexpensive industrial by products, FeSO4 as raw material. The reactivity, selectivity and stability of four catalysts for Fischer-Tropsch synthesis were tested in a fixed-bed reactor at 526 K, 2.0 MPa and gas hourly space velocity of 2 000 h－1 with syngas of H2/CO=2 during the period of 240 h. The results indicated that four catalysts showed higher CO conversion and C5+ product selectivity, the CO conversion gradually decreased with differentrates. In terms of the CO conversion and stability, catalyst 2# was the best among the catalysts studied. Its initial CO conversion was 77.89%, and passed through a maximum of 89.58% after an inductive period for about 40 hour, and then gradually decreased with a deactivation rate of 1.33%/d. The selectivity of CH4 and C5+ kept about 4% and 80%, respectively, in the whole run period for catalyst 2#.