The effect of different active phases of Fe/SiO₂ catalyst on the physio-chemical properties and the catalytic performance in CO₂ hydrogenation under mild conditions (at 220 °C under an ambient pressure) was comprehensively studied in this work. The Fe/SiO₂ catalyst was prepared by an incipient wetness impregnation method. Hematite (Fe₂O₃) in the calcined Fe/SiO₂ catalyst was activated by hydrogen, carbon monoxide, and hydrogen followed by carbon monoxide, to form a metallic iron (Fe/SiO₂-h), an iron carbide (Fe/SiO₂-c), and a combination of a metallic iron and an iron carbide (Fe/SiO₂-hc), respectively. All activated catalysts were characterized by XRD, Raman spectroscopy, N₂ adsorption–desorption, H₂-TPR, CO-TPR, H₂-TPD, CO₂-TPD, CO-TPD, NH₃-TPD, and tested in a CO₂ hydrogenation reaction. The different phases of the Fe/SiO₂ catalyst are formed by different activation procedures and different reducing agents (H₂ and CO). Among three different activated catalysts, the Fe/SiO₂-c provides the highest CO₂ hydrogenation performance in terms of maximum CO₂ conversion, as well as the greatest selectivity toward long-chain hydrocarbon products, with the highest chain growth probability of 0.7. This is owing to a better CO₂ and CO adsorption ability and a greater acidity on the carbide form of the Fe/SiO₂-c surface, which are essential properties of catalysts for polymerization in FTs.