The Fischer-Tropsch catalyst of the present invention is a transition metal-based catalyst having a high surface area, a smooth, homogeneous surface morphology, an essentially uniform distribution of cobalt throughout the support, and a small metal crystallite size. In a first embodiment, the catalyst has a surface area of from about 100 m.sup.2/g to about 250 m.sup.2/g; an essentially smooth, homogeneous surface morphology; an essentially uniform distribution of metal throughout an essentially inert support; and a metal oxide crystallite size of from about 40 .ANG. to about 200 .ANG.. In a second embodiment, the Fischer-Tropsch catalyst is a cobalt-based catalyst with a first precious metal promoter and a second metal promoter on an aluminum oxide support, the catalyst having from about 5 wt % to about 60 wt % cobalt; from about 0.0001 wt % to about 1 wt % of the first promoter, and from about 0.01 wt % to about 5 wt % of the second promoter.The high surface area transition metal-based catalysts of the present invention are prepared in a non-acidic solution at a pH greater than about 7.0 , and starting with a non-acidic transition metal complex. The resulting product is a catalyst with a uniform distribution of metal throughout the catalyst particles, with a smooth and homogeneous surface morphology, and with slow crystallite growth upon heating.