Preparation of a catalyst suitable for use in Fischer-Tropsch Synthesis reactions using a two step process in which the steps may be performed in either order. In step a), impregnate an iron carboxylate metal organic framework selected from a group consisting of iron-1,3,5-benzenetricarboxylate (Fe-(BTC), Basolite™ F-300 and/or MIL-100 (Fe)), iron-1,4 benzenedicarboxylate (MIL-101(Fe)), iron fumarate (MIL-88 A (Fe)), iron-1,4 benzenedicarboxylate (MIL-53 (Fe)), iron-1,4 benzenedicarboxylate (MIL-68 (Fe)) or iron azobenzenetetracarboxylate (MIL-127 (Fe)) with a solution of a promoter element selected from alkali metals and alkaline earth metals. In step b) thermally decompose the iron carboxylate metal organic framework under an inert gaseous atmosphere to yield a catalyst that is a porous carbon matrix having embedded therein a plurality of discrete aliquots of iron carbide. If desired, add a step intermediate between steps a) and b) or preceding step b) wherein the metal organic framework is impregnated with an oxygenated solvent solution of a polymerizable additional carbon source and the polymerizable additional carbon source is thereafter polymerized.