A process for preparing a cobalt-containing hydrocarbon synthesis catalyst includes calcining an initial catalyst precursor comprising a catalyst support supporting a cobalt compound, by heat treating the initial catalyst precursor under non-reducing conditions in order to decompose the cobalt compound and/or to cause the cobalt compound to react with oxygen, thereby to obtain a calcined initial catalyst precursor. A cobalt compound is introduced onto and/or into the calcined initial catalyst precursor so that the calcined initial catalyst precursor supports this cobalt compound thereby obtaining a subsequent catalyst precursor. The subsequent catalyst precursor is directly subjected to reduction conditions to activate the subsequent catalyst precursor, thereby to obtain a cobalt-containing hydrocarbon synthesis catalyst.