The hydrogenation of carbon dioxide was examined using the composite catalysts which were obtained by the physical mixing of Fe-ZnO and KY zeolite. Fe-ZnO was a typical F-T (Fischer-Tropsch) catalyst and Fe-ZnO/HY is a composite catalyst which is able to induce a combined methanol synthesis and MTG (Methanol-to-Gasoline) reaction. To study these unique catalytic behaviors of Fe-ZnO/HY, the adsorption and the dissociation of carbon monoxide an Fe-ZnO as well as TPR measurements were carried out. Fe-ZnO is able to produce hydrocarbons by F-T reaction and methanol. In the absence of zeolite, Fe-ZnO exerts its ability for F-T reaction. However, HY diminishes the activity for F-T reaction and hydrocarbons were obtained via methanol formed over the modified Fe-ZnO.