A process for regenerating a slurry Fischer-Tropsch catalyst, which needs regeneration, involves de-waxing and drying the catalyst sufficiently to produce a free-flowing catalyst powder that is fluidizable; fluidizing the catalyst powder; treating the catalyst powder with an oxygen treatment; reducing the catalyst powder with a reducing gas to form a reduced catalyst powder; and mixing the reduced catalyst powder with hydrocarbons to form a regenerated, slurry catalyst. The oxidation and reduction steps may be repeated. An oxygen treatment includes using a fixed O₂ level with ramped temperatures, fixed temperatures with increased O₂ levels, or a combination.