The present invention relates to a catalyst for Fischer-Tropsch synthesis which has excellent heat transfer capability. This catalyst contains (1) central core particle or particles made of a heat transfer material (HTM) selected from the group consisting of a metal, a metal oxide, a ceramic, and a mixture thereof; and (2) outer particle layer which surrounds the central core particles and is attached to the surfaces of the central core particles by a binder material layer. The outer particle layer has a support and catalyst particles in a powder form containing metal particles disposed on the support. The catalyst having such a dual particle structure shows excellent heat transfer capability and, thus, exhibits high selectivity to a target hydrocarbon. Therefore, the catalyst of the present invention is useful in a fixed-bed reactor for Fischer-Tropsch synthesis for producing hydrocarbons from synthetic gas.