Fe/$Al_2O_3$ granules with various compositions were prepared by combining sol-gel with oil drop method for Fishcer-Tropsh reaction to produce light olefin from synthesis gas. The granules was characterized and employed as a catalyst in the reaction. The surface area of granules was decreased with increasing Fe concentration. Especially, granule with 1.5 of Al/Fe ratios showed the highest CO conversion. However, the olefin selectivity was hardly affected by Al/Fe ratio. K concentration of granule gave a significant effect on catalytic performance. Initial CO conversion and olefin selectivity were increased with K concentration. However, the catalyst with higher K concentration was deactivated rapidly.