Abstract: Fischer-Tropsch synthesis (FTS) is a promising route to produce various olefins and fine chemicals from non-petroleum carbon sources that can be used to produce synthesis gas, such as coal, natural gas and biomass. Cobalt-based catalysts have gained more attention in FTS for the academic research and industrial applications, owing to their excellent catalytic properties such as low water-gas-shift activity, great Fischer-Tropsch reaction activity and high chain growth probability. The structure of the microscopic active site and the surface adsorption of the cobalt-based catalyst during the Fischer-Tropsch progress have an effect on the product distribution and catalytic performance. In this review, we summarized some advancements in the development of cobalt-based F-T catalysts focusing on the effects of particle size, crystal phase, crystal plane and microscopic active site, with emphasis on the research from the types, surface adsorption behavior and characterization techniques of microscopic active site. Some suggestions for the development of cobalt-based F-T catalysts in the future are also given.