The hydrogenation of CO₂ to hydrocarbons over a precipitated Fe-Cu-Al/K catalyst was studied in a slurry reactor for the first time. Reducibility of the catalyst and effect of reaction variables (temperature, pressure and H₂/CO₂ ratio of the feed gas) on the catalytic reaction performance were investigated. The reaction results indicated that the Fe-Cu-Al/K catalyst showed a good CO₂ hydrogenation performance at a relatively low temperature (533 K). With the increase of reaction temperature CO₂ conversion and olefin to paraffin (O/P) ratio in C₂-C₄ hydrocarbons as well as the selectivity to C₂-C4 fraction increased, while CO and CH₄ selectivity showed a reverse trend. With the increase in reaction pressure, CO₂ conversion and the selectivity to hydrocarbons increased, while the CO selectivity and O/P ratio of C₂-C₄ hydrocarbons decreased. The investigation of H₂/CO₂ ratio revealed that CO₂ conversion and CH₄ selectivity increased while CO selectivity and O/P ratio of C₂-C₄ decreased with increasing H₂/CO₂ ratio.