The catalytic performance of unsupported and carbon-supported Fe, Mo and Fe−Mo catalysts for Fischer-Tropsch synthesis is greatly influenced by the final reduction states of the catalysts. In this investigation, the reduction process of the catalysts by H2 was studied by using TG-DTG. The reduction process depends not only on the reducibility of metals but also on the nature of the support. Methanation of the support occurred as soon as the supported metals were completely reduced for the carbon-supported catalysts. For these, the reduction temperature should by carefully selected so that the metal oxides are reduced as completely as possible, whilst the methanation of the support must be avoided to obtain optimum reduced catalysts.