In the Fischer–Tropsch synthesis (FTS) reaction, the intricate reaction conditions are prone to induce phase transitions in iron carbides, which markedly affect catalytic performance. Manipulating and stabilizing the active phase is paramount for ensuring the catalyst efficiency. In this study, we regulated the Fe-Zn interaction to investigate the influence of iron carbides and the characteristics of surface carbon species. The strong interaction significantly enhanced the adsorption and dissociation of CO on the catalyst surface, thereby facilitating the formation of carbon-rich Fe2(.2)C. Consequently, the FeZn-s catalyst exhibited the highest iron time yield (FTY) of 959 μmolCO·gFe-1·s-1. But meanwhile, the stronger Fe-Zn interaction also accelerated the carbon deposition rate and elevated the graphitization degree of the surface carbon, expediting the catalyst deactivation. These results provide an insight into the modulation and stabilization of iron carbides by adjusting the interaction between the Fe and supports, which inspires the further development of Fe-based catalysts for FTS applications.