In cobalt-catalyzed Fischer-Tropsch synthesis (FTS), the active metallic cobalt phase always suffers from oxidation under FTS reaction conditions, leading to the coexistence of metallic cobalt and cobalt oxide (CoO) phases. However, there still exist contradictory views on the impact of CoO phase in FTS. Some researchers proposed that the oxidation of metallic Co to CoO causes the deactivation of cobalt-based FTS catalysts, while some held the view that CoO phase could act as the potential active phase in FTS. In this study, by combining theoretical calculations and experiments, we systematically investigated the fundamental FTS reactions including CO adsorption and activation, C-C coupling, and CxHy hydrogenation on CoO phase, and compared them with those on metallic cobalt phase, aiming at identifying the exact role of CoO, understanding how CoO influences the activity and selectivity, and unraveling the intrinsic mechanism that determines the catalytic behaviors of CoO phase in FTS. The results reveal that the CoO(200) crystal facet is the dominantly exposed surface structure for CoO phase under FTS reaction conditions. The d-band center of CoO(200) surface shifts downward in comparison with that of active metallic Co surface, which causes difficulties in adsorbing and activating CO and gives rise to high energy barriers for the dissociation of C-O bond. This determines the inactive nature of CoO phase in FTS reaction. As for the product selectivity, the CoO(200) surface restricts the C-C chain growth due to its higher barriers for C-C coupling, facile desorption ability for light olefins, and lower energy barrier for CH4 formation compared with metallic cobalt, and consequently leads to the loss of selectivity to C5+ hydrocarbons and enhancement of selectivity to light olefins and undesired methane. Moreover, a strong linear relationship between the experimental observed selectivity change and the DFT-calculated energy difference of CoO and metallic cobalt phases was found, validating the DFT-calculated results. This study provides a comprehensive understanding of the nature and intrinsic catalytic behaviors of CoO phase in cobalt-catalyzed FTS.