The effect of calcination condition on the cobalt species and Fischer-Tropsch synthesis (FTS) was studied. It was found that higher calcination temperature resulted in decreased FTS activities because CNTs were consumed by oxidation in air at temperature higher than 230°C. Cobalt species went through transformation from Co3O4 to metallic Co in Ar by autoreduction at temperature over 500°C. The autoreduction route might be Co3O4→CoO→Co or Co3O4→Co2C→Co. Reduction at temperature higher than 500°C also resulted in decreased FTS activities due to the methanation of CNTs in hydrogen.