A study was performed to determine the extent to which reduction temperature, preparation method, and metal loading affect the activity and selectivity of Ru/Y-Zeolites for CO hydrogenation. Effects of these variables on the activity and selectivity were examined at a temperature of 270℃, a pressure of 1 atm, a $H_2$/CO ratio of 2. For catalysts prepared by ion exchange, the specific activity decreased with increasing reduction temperature, but neither the probability for chain growth nor olefin-to-paraffin ratio (except for $C_3$) was affected by reduction temperature. The observed changes in the activity with reduction temperature appear to result from differences produced in metal location in/on the zeolite. The fraction of ruthenium metal outside the zeolite increased with increasing reduction temperature by the temperature programmed oxidation experiments. The specific activity of ion exchanged ruthenium catalysts increased with increasing metal loading. Catalysts prepared by ruthenium carbonyl impregnation had the better selectivities for higher hydrocarbon than catalysts prepared by ion exchange.