The mechanistic steps that underlie the formation of higher hydrocarbons in catalytic carbon monoxide (CO) hydrogenation at atmospheric pressure over cobalt-based catalysts (Fischer-Tropsch synthesis) have remained poorly understood. We reveal nonisothermal rate-and-selectivity oscillations that are self-sustained over extended periods of time (>24 hours) for a cobalt/cerium oxide catalyst with an atomic ratio of cobalt to cerium of 2:1 (Co2Ce1) at 220°C and equal partial pressures of the reactants. A microkinetic mechanism was used to generate rate-and-selectivity oscillations through forced temperature oscillations. Experimental and theoretical oscillations were in good agreement over an extended range of reactant pressure ratios. Additionally, phase portraits for hydrocarbon production were constructed that support the thermokinetic origin of our rate-and-selectivity oscillations.