The circular economy is considered a keystone of sustainable development, and its implementation requires analyzing both product and by-products, as well as process waste. In this study Fischer-Tropsch synthesis product selectivity over Fe/SiO2 catalyst was investigated in the reaction temperature range of 240 to 300°C. The composition of the gas, liquid hydrocarbon, and wax products is discussed alongside the aqueous phase, which is rarely addressed. It was found that 280°C is the optimal temperature for condensable hydrocarbon production over Fe/SiO2 catalyst. The increase in reaction temperature led to a decrease in the selectivity of 1-olefins and alcohols in the liquid hydrocarbon phase and waxes, but at the same time contributed to an increase in the content of alcohols in the aqueous phase products.