Phosphorus promotion on Fischer‐Tropsch (FT) synthesis was investigated for Co/Al2O3 and Co/SiO2 catalysts having the same Co/P ratio. When P is added to Co/Al2O3, CO conversion on a per g catalyst basis decreased, while methane selectivity increased. Catalyst stability was higher for the sample containing both P and Pt. The main cause for lower initial conversion is Co site blocking, while the lower extent of cobalt reduction for the P‐promoted Co/Al2O3 sample played a lesser role. When SiO2 is used to support cobalt particles, an initial induction period for the P‐promoted catalyst was observed, where CO conversion increased. Higher CO conversion at steady state, as well as improved catalyst stability during FT testing, suggest that P hindered sintering. Over the same period, a decline and leveling off of conversion were observed for the unpromoted catalyst. Completely different effects were observed depending on support type. P only acted as a poison for Co/Al2O3, whereas beneficial effects on steady state CO conversion and stability occurred with Co/SiO2. The different effects of P for Al2O3 and SiO2 supported Co catalysts can be explained by differences in Co‐support interactions. With alumina, Co clusters are already stabilized by strong interactions with the support. P has no benefit, as it mainly interacts with alumina instead of Co; pore blocking by P also occurred. In contrast, SiO2 has weak interactions with Co and less Co cluster stabilization. With P promotion, P anchors Co to the support, improving Co dispersion, stability and steady‐state conversion.