A kinetic model of cobalt-based Fischer–Tropsch synthesis was developed through the detailed kinetic study of the reaction mechanism. Experimental evidence and previously reported theoretical analyses were used to suggest the mechanism and derive reaction rates for the formation of hydrocarbon products by applying the equilibrium constants of the adsorbents and the quasi steady state assumption to intermediate species on the surface of the catalyst. The comparison between experimental data and simulated results with kinetic parameters validated the effectiveness of the developed model. Further analysis showed that temperature and H2/CO ratio significantly influenced the entire distribution of hydrocarbon products. The effects of operating conditions were also predicted in accordance with previous work, thus demonstrating that the developed model can contribute to a better understanding of the kinetic mechanism of FT synthesis.