The study of titania-supported cobalt nanoparticles is relevant for industrial Fischer-Tropsch synthesis (FTS). Herein, we report about various deactivation pathways of cobalt supported on P25 titania (cobalt loading 2–8 wt%) under simulated high conversion conditions using in situ Mössbauer spectroscopy. A fraction of metallic cobalt was oxidized under humid FTS conditions. The absolute amount of oxidized cobalt was ∼ 1.2 wt% independent of the cobalt loading, indicating that specific cobalt-titanol interactions are involved in the oxidation process. The formation of cobalt-titanate-like compounds was only observed under very high water-to-hydrogen ratios in the absence of carbon monoxide. Steam considerably enhances cobalt sintering under FTS conditions. As such, deactivation under humid FTS conditions is not only caused by cobalt oxidation but also by enhancing sintering of the active phase.