Display omitted ► The use of soluble-metal NPs as catalysts in the Fischer–Tropsch synthesis provides high levels of activity and selectivity. ► The fine tuning of the M-NPs mean diameter and size dispersion, the choice of the stabiliser and solvent are crucial to obtain efficient catalysts. ► Water is a suitable solvent for the application of unsupported Ru-, Co- and Fe-NPs as catalysts in the Fischer–Tropsch reaction. ► Highlights of the results obtained in FT synthesis using supported nanoparticles are also included. In this review, the current state of the art in the synthesis of soluble-Ru, Co and Fe-nanoparticles stabilised by organic molecules is described. Polymers are widely applied for the synthesis of soluble-Ru, Co and Fe-NPs, whereas the application of surfactants, ionic liquids and small molecules is much more limited. The recent applications of soluble-metal NPs as catalysts in the Fischer–Tropsch synthesis are described. The application of soluble-metal nanocatalysts in the Fischer–Tropsch reaction using water, ionic liquids and high boiling point organic solvents is reviewed showing that higher activities and selectivities than those obtained using conventional supported catalysts can be achieved.