A process is disclosed for regenerating a catalyst used in a process for synthesizing hydrocarbons. The synthesis process involves contacting a feed stream comprising hydrogen and carbon monoxide with a catalyst in a reaction zone maintained at conversion-promoting conditions effective to produce an effluent stream comprising hydrocarbons. The regeneration process involves contacting a deactivated Fischer-Tropsch catalyst with a regeneration gas under regeneration-promoting conditions that include a pressure lower than the mean Fischer-Tropsch reaction pressure, for a period of time sufficient to reactivate the Fischer-Tropsch catalyst.