There is provided a process for hydrocarbon synthesis wherein a supported metal catalyst for hydrogenating carbon monoxide to form a mixture of hydrocarbons is regenerated by decreasing its hydrocarbon content, impregnating under a non-oxidative atmosphere with a solution of at least one member selected from the group consisting of ammonium salts, alkyl ammonium salts and weak organic acids, optionally including ammonia, oxidizing with a gaseous oxidant in the presence of the impregnating solution, activating the catalyst by reduction with hydrogen at elevated temperatures and reusing the catalyst. The treatment may be carried out in a single reactor, or by carrying out up to all steps after catalyst has been withdrawn therefrom and returned to at least one reactor. Up to all steps subsequent to decreasing the hydrocarbon content may be effected in a subsequent reactor, or in specialized apparatus.