Iron catalyst precursors promoted with oxides of calcium, aluminum, and lithium were prepared by a fusion method. Using XRD analysis, it was found that catalyst precursors had a magnetite structure. Lithium oxide, which is dependent on the Fe2+/Fe3+ molar ratio in a catalyst, was built into the magnetite structure as a solid solution and/or formed a separate Li2Fe3O4 phase. Lithium oxide forming the solid solution in magnetite accelerated the magnetite phase reduction. However, it was observed that magnetite, in the presence of lithium oxide, was not reduced to iron directly, but to a transient phase, Li2O·xFeO, where x < 3 was formed, which meant that the reduction to iron was much slower. Activity of the catalysts promoted with lithium oxide increased, while the degree of reduction increased.