A process for regenerating a spent particulate wax-containing cobalt-based Fischer-Tropsch synthesis catalyst is provided. The process includes subjecting the spent wax-containing catalyst sequentially to a dewaxing treatment, an oxidation treatment and a reduction treatment. During the dewaxing treatment, the spent wax-containing catalyst is at least partially dewaxed, with dewaxed catalyst particles being produced. During the oxidation treatment, an oxygen-containing gas is passed through a bed of the dewaxed catalyst particles at an operating temperature T° C. where 150