This paper examines the potential roles of Fischer–Tropsch (FT) synfuels in the 21st century with a global energy model treating the entire fuel supply chain in detail. The major conclusions are the following. First, FT synfuels become a major alternative fuel regardless of CO 2 policy due to their low transportation costs and compatibility with existing petroleum infrastructure and vehicles. Secondly, the FT process brings stranded gas to world markets until around 2050. In a 550 ppm CO 2 stabilization case thereafter, producing FT synfuels from biomass, whose competitiveness is robust against its capital costs, and their interregional trade enable a worldwide diffusion of carbon-neutral fuels. This provides a significant source of income for developing regions, such as Latin America and Sub-Saharan Africa. Thirdly, FT synfuels play a crucial role in meeting the growing transportation energy demand and assuring diversified supplies of transportation fuels. Increasing portions of FT liquids are refined to FT-kerosene to be provided for the rapidly growing aviation sector in the second half of the century. Furthermore, upgrading FT-naphtha into FT-gasoline proves to be critically important. FT synfuels’ participation could help the development in Africa through technological contributions of the South African leading companies in the world synfuel industry.