Each process configuration for practicing the Fischer–Tropsch synthesis places demands particular to that configuration on the catalyst to be used. We discuss how a particular catalyst, prepared by the OMX (organic matrix combustion) method, when used in conjunction with the Velocys microchannel reactor system, results in a very stable, high performance Fischer–Tropsch synthesis system. With the ability to remove heat far more effectively than a conventional reactor system, this microchannel reactor requires a catalyst with much higher volumetric reactive site density. Further, with such a high volumetric reaction rate, mass transfer effects will be important in both the observed activity and selectivity of the operating catalyst. Nevertheless, the catalyst prepared using the OMX method exhibits an apparent turnover frequency which is considerably higher than reported for other catalysts in the literature. In addition to high activity, an economically useful catalyst must exhibit a stable, high selectivity for liquid products and be able to recover near-fresh performance using a regeneration approach which can be carried out with the catalyst in-place. An example of such a stable, multiply regenerated catalyst is given. Finally, further development has focused on a catalyst with even higher C5+ selectivity.