The decomposition of cobalt carbide (Co2C) to metallic cobalt in CO2 hydrogenation results in a notable drop in the selectivity of valued C2+ products, and the stabilization of Co2C remains a grand challenge. Here, we report an in situ synthesized K-Co2C catalyst, and the selectivity of C2+ hydrocarbons in CO2 hydrogenation achieves 67.3% at 300°C, 3.0 MPa. Experimental and theoretical results elucidate that CoO transforms to Co2C in the reaction, while the stabilization of Co2C is dependent on the reaction atmosphere and the K promoter. During the carburization, the K promoter and H2O jointly assist in the formation of surface C* species via the carboxylate intermediate, while the adsorption of C* on CoO is enhanced by the K promoter. The lifetime of the K-Co2C is further prolonged from 35 hours to over 200 hours by co-feeding H2O. This work provides a fundamental understanding toward the role of H2O in Co2C chemistry, as well as the potential of extending its application in other reactions.