The regeneration of Fischer-Tropsch (FT) catalysts plays a crucial role in sustaining their catalytic activity and longevity in sustainable production processes. This research investigates the effectiveness of various solvents, including n-hexane, n-heptane, toluene, xylene, and the liquid fraction of FT products (LF-FT), for catalyst regeneration and extracting wax from the 15 wt%Co/Al2O3 catalyst. Toluene, with a unique combination of key parameters such as polarity, solubility, boiling point, aromatic structure, and chemical interactions, exhibited the highest wax removal efficiency of 90.6%. However, due to its 41 °C lower boiling point compared to toluene and very similar wax removal efficiency, n-hexane appears as a more energy-efficient and cost-effective option for this process. The regenerated catalysts showed comparable characteristics, including the textural properties (surface area, pore size, and pore volume), crystallinity, and reducibility, to fresh catalysts. The slightly lower reduction temperature in the regenerated catalyst indicates a higher possibility for the formation of cobalt active sites during the catalyst reduction process with hydrogen, leading to an increased potential for higher catalytic activity. The LF-FT, comprising paraffins, iso-paraffins, olefins, napthenes, and aromatics, provided a unique combination of aliphatic and aromatic moieties, enhancing the solubility of both polar and nonpolar components in FT wax and improving the wax removal efficiency to 91.5%. The higher boiling point and operating temperature of the LF-FT also contributed to its better performance. Efficient separation of hydrocarbons from solvents allowed for solvent reusability in subsequent FT wax removal cycles, making it advantageous for large-scale applications.