The Fischer–Tropsch (FT) process is an alternative route to produce petroleum crude equivalent, as this process converts carbonaceous feedstock‐derived (e.g. coal, biomass, natural gas) syngas to synthetic liquid fuels and chemicals. The technology also is known as gas‐to‐liquid (GTL), coal‐to‐liquid (CTL) and biomass‐to‐liquid (BTL) depending on the source of the syngas. Global demand for clean transportation fuels, volatile oil prices, unstable market scenarios and dwindling reserves of petroleum crude are the major drivers for fostering the FT process. FT‐derived synthetic liquid fuel has enormous potential to replace petroleum crude‐based transportation fuels. There is a possibility that individual countries can produce significant shares of their fuel using CTL, GTL and BTL technologies which help during shortages/peak oil circumstances. The present article summarizes the development of conversion of the different carbonaceous feedstock to liquid fuel including syngas generation, as well as catalytic conversion to liquid fuel via the FT route. © 2020 Society of Chemical Industry