Catalytic hydrogenation of CO2 to hydrocarbons reduces carbon emissions and makes better use of CO2 as a C1 resource to supplement chemical feedstocks. Herein, we report the effect of the introduction of Ca on the composition and performance of Cu–Fe catalysts synthesized by hydrothermal methods during the synthesis process. The catalysts were characterized by ICP, SEM, XRD, TEM, H2-TPR, CO2-TPD, N2 adsorption and desorption, and XPS. The results showed that the variation of the Ca (or Mg)Cu feeding ratio causes the change of Cu content in the catalyst. The change in Cu content also caused a change in the catalytic performance of the catalyst. In particular, the Cu content in the catalyst was 3.33% at Ca: Cu = 4:12. At this time, the highest CO2 conversion of 49.37% and C5+ selectivity of 59.89% were achieved with the reaction conditions (320 °C, 3 MPa, 12,000 mL·g-1 cat·h−1, N2/CO2/H2 = 12/12/36, TOS: 8 h) for the Cu–Fe catalyst. Further testing and analysis revealed that the increase in Cu content leads to enhanced Cu–Fe interaction in the catalyst, which is the fundamental reason for the change in catalytic performance.