The effect of potassium on Fischer-Tropsch catalyst activity, kinetic parameters, and selectivity has been investigated for a precipitated iron catalyst that was employed with low H-2/CO ratio synthesis gas. A wide range of synthesis gas conversions have been obtained by varying space velocities over catalysts with various potassium loadings. Differing trends in catalyst activity with potassium loading were observed depending on the space velocity of synthesis gas conversion. As potassium loading increased, the catalyst activity either decreased (low conversion), passed through a maximum (intermediate conversion), or increased thigh conversion). This is shown to be a result : of the increasing dependency of the Fischer-Tropsch synthesis on the hydrogen formed by the watergas shift reaction with increasing synthesis gas conversions. Both the rate constant and the adsorption parameter in a common two-parameter Fischer-Tropsch rate expression decreased with potassium loading; therefore, observed maxima in Fischer-Tropsch rate with potassium loading can be due to the opposing influences of these parameters. The effect of potassium on alkene selectivity was dependent on the number of carbon atoms of the hydrocarbons as well as the carbon monoxide conversion level. The extent of isomerization of 1-alkene product decreased with potassium loading, while the selectivity to methane decreased only slightly with increasing potassium content at CO conversions about 50% and higher.