Carbon nanotube (CNT)-supported Ru nanoparticles with mean sizes ranging from 2.3 to 9.2 nm were prepared by different post-treatments and studied for Fischer-Tropsch (FT) synthesis. The effects of Ru particle size on catalytic behaviors were investigated at both shorter and longer contact times. At shorter contact time, where the secondary reactions were insignificant, the turnover frequency (TOF) for CO conversion was dependent on the mean size of Ru particles; TOF increased with the mean size of Ru particles from 2.3 to 6.3 nm and then decreased slightly. At the same time, the selectivities to C5+ hydrocarbons increased gradually with the mean size of Ru particles up to 6.3 nm and then kept almost unchanged with a further increase in Ru particle size. At longer contact time, C10-C20 selectivity increased significantly at the expense of C21+ selectivity, suggesting the occurrence of the selective hydrocracking of C21+ to C10-C20 hydrocarbons.