A catalyst composition and process for preparing it and for using it to enhance the selectivity to light (C2 to C3) olefins in a Fischer-Tropsch conversion of synthesis gas is disclosed. The catalyst composition is an iron-based catalyst on an yttria/zirconia support. In a Fischer-Tropsch reaction the selectivity to ethylene may be enhanced by at least 20 mole percent and to propylene by at least 4 mole percent, in comparison with use of an otherwise identical catalyst that is free of yttria, in an otherwise identical Fischer-Tropsch reaction.