Cobalt catalysts as used in the Fischer-Tropsch synthesis (FTS) are relatively expensive (as compared to iron) and need to have a high metal dispersion and long life to be able to offer a good balance between cost and performance. The oxidation of nano-sized metallic cobalt to cobalt oxide during Fischer-Tropsch synthesis has long been postulated as a major deactivation mechanism. However, to date there is no consistent picture. This paper presents an extensive overview of the literature on this topic of deactivation by means of oxidation for unsupported as well as silica-, alumina- and titania-supported cobalt catalysts. Furthermore, it presents results on the deactivation of an industrial Co/Al2O3 catalyst as obtained by pseudo in situ X-ray diffraction, magnetic measurements and X-ray absorption near-edge spectroscopy. These analyses were performed to study the oxidation state of spent industrial Co/Al2O3 catalyst samples withdrawn from a slurry reactor operating under realistic FTS conditions, and it was concluded that oxidation can be ruled out as a major deactivation mechanism. Finally, these data together with all relevant literature were used to create a common view on the oxidation behaviour of metallic cobalt during FTS. The apparent discrepancies in literature on the oxidation behaviour of cobalt are most likely due to the lack of direct characterisation of the cobalt oxidation state and due to the comparison of catalysts with varying cobalt crystallites sizes, compared at different reactor partial pressures of hydrogen and water (PH2O/PH2). It was shown that the oxidation of cobalt can be prevented by selecting the correct combination of the reactor partial pressures of hydrogen and water (PH2O/PH2) and the cobalt crystallite size.