Aiming at the resource utilization of CO2 and the value-added catalytic conversion of ethane, different reducibility oxide carriers were used to study. Through catalytic reaction experiments, catalyst characterization and kinetic analysis, the interaction between reducible carriers and active metals and their regulation on the catalytic reaction performance of ethane with CO2 were revealed. Fe1.5Ni0.5/CeO2 has the highest ethylene selectivity of 87% near 650 °C, and is a good catalyst for the CO2-assisted ethane oxidative dehydrogenation to ethylene reaction. The strong interaction between the reducible CeO2 and ZrO2 carriers and active metals makes the Fe–O–Ce and Fe–O–Zr covalent bonds on the Fe1.5Ni0.5/CeO2 and Fe1.5Ni0.5/ZrO2 catalysts stronger than Fe–O–Ti and Fe–O–Al covalent bonds on Fe1.5Ni0.5/TiO2 and Fe1.5Ni0.5/γ-Al2O3 catalysts. The lattice oxygen on the reducible catalyst is more readily involved in the reaction. The strong interaction between the active metal and the carrier results in the reduction of the FeOx species and the formation of new active sites, resulting in a high reactivity of the catalyst. The mutually promoted redox cycle between the active species Fe3+/2+-Ni2+/0 and the reducible carrier variable metal Ce4+/3+ species improves the catalytic performance for the reaction of ethane awith CO2.