The dehydration of formic acid over supported phosphotungstic acid (H3PW12O40, HPW) catalysts was investigated for the production of hydrogen-free carbon monoxide (CO). The variations in the support type (SiO2, Al2O3, ZrO2, and TiO2) and HPW content (0.0–20.0 wt.%) affect the acidity of catalysts, which was demonstrated by the temperature-programed desorption of iso-propanol (IPA-TPD) and pyridine-adsorbed infrared spectroscopy (Py-IR). The catalytic activity in formic acid dehydration exhibited a volcano-type distribution in accordance with the HPW content and was maximized at 15 wt.% loading. Furthermore, the catalytic activity was more closely related to the density of Brønsted acids than that of Lewis acids and inversely proportional to the peak temperature of propylene desorption during IPA-TPD. The strongly adsorbed H2O on the catalysts, which is generated during formic acid dehydration, induces deactivation of the catalyst, particularly at lower reaction temperatures (<230 °C).