Syngas conversion is a useful technology for converting nonpetroleum carbon resources into chemicals such as olefins. Iron- and cobalt-based catalysts, as two major categories, have been extensively studied in Fischer–Tropsch synthesis to olefins (FTO) reactions. Although both iron and cobalt catalysts have shown distinct merits and shortcomings, they are also complementary in their properties and catalytic performances when combined with each other. Herein, Na-modified CoFe bimetallic catalysts were fabricated using a co-precipitation method. It was found that there was a synergistic effect between Co and Fe that promoted a CO dissociation rate and carburization, and an appropriate Co/Fe ratio was conducive to improvements in their catalytic performances. The desired olefins selectivity reached 66.1 C% at a CO conversion of 37.5% for a Co2Fe1 catalyst, while the methane selectivity was only 4.3 C%. In addition, no obvious deactivation was found after nearly 160 h, indicating their potential industrial application.