A Fischer-Tropsch catalyst is proposed, the ZrFe2 intermetallide treated with hydrogen and encapsulated in the Al2O3/Al matrix formed under hydrothermal conditions. This composite catalyst is characterized by a considerable increase in the specific turnover capacity of ZrFe2, probably due to both structural (small size of encapsulated particles, particular pattern of the porous structure) and chemical factors (changes in the ZrFe2 surface due to oxidation during hydrothermal treatment, interaction with the matrix material).