Effects of nanoscale iron oxide particles on textural structure, reduction, carburization and catalytic behavior of precipitated iron catalyst in Fischer-Tropsch synthesis (FTS) are investigated. Nanostructured iron catalysts were prepared by microemulsion method in two series. Firstly, Fe2O3, CuO and La2O3 nanoparticles were prepared separately and were mixed to attain Fe/Cu/La nanostructured catalyst (sep-nano catalyst); Secondly nanostructured catalyst was prepared by co-precipitation in a water-in-oil microemulsion method (mix-nano catalyst). Also, conventional iron catalyst was prepared with common co-precipitation method. Structural characterizations of the catalysts were performed by TEM, XRD, H2 and CO-TPR tests. Particle size of iron oxides for sep-nano and mix-nano catalysts, which were determined by XRD pattern (Scherrer equation) and TEM images was about 20 and 21.6 nm, respectively. Catalyst evaluation was conducted in a fixed-bed stainless steel reactor and compared with conventional iron catalyst. The results revealed that FTS reaction increased while WGS reaction and olefin/paraffin ratio decreased in nanostructured iron catalysts.