As an alternative route to produce liquid fuels, Fischer Tropsch synthesis (FTS) has received considerable attention. Phase equilibria have been one of the key issues in the design and operation of not only an FTS reactor, but also relevant downstream processing, e.g., stepwise condensation of FTS products, wastewater treatment, and the recovery of alpha-olefins. These issues are extremely complex due to a wide spectrum of FTS products and the presence of noncondensable gas, nonpolar components, associating components, and highly polar components. To address these issues, the perturbed-chain statistical associating fluid theory (PC-SAFT) equation of state (EoS) was evaluated using phase equilibrium data of binary and ternary mixtures containing water, alcohols, hydrocarbons, and noncondensable gases. The parameter values are available via a three-step parametrization strategy established in our previous work [Zheng et al. Ind. Eng. Chem. Res. 2018, 57, 3014]. A couple of popular benchmark models, namely the Soave-Redlich-Kwong (SRK) EoS with the modified Huron-Vidal second-order mixing rule (SRK/MHV2) and the predictive SRK (PSRK) EoS, were selected for comparison to put the performance of the PC-SAFT EoS into perspective. It was found that the PC-SAFT EoS gives reliable correlations/predictions in all the studied cases, whereas the other two models fail to do so. The three models were also employed to simulate hot and cold traps where the stepwise condensation of the reactor effluent occurs. It was found that all three models yield satisfactory results for the paraffin distribution of the liquid stream leaving the hot trap, while the SRK/MHV2 and PSRK models are less accurate for the olefin distribution, particularly at high temperature. It was also found that all three models are capable of predicting the composition of the two liquid streams (namely organic and aqueous) leaving the cold trap except that the SRK/MHV2 model fails to accurately reproduce the distribution of alcohols in the two liquid streams. This study advocates the practical use of the PC-SAFT EoS by its application to a complex, industrially important FTS process and a comprehensive evaluation, together with the two popular benchmark models.