Designing stable materials for processes operating under harsh reaction conditions, like CO hydrogenation, is a challenging topic in catalysis. These may provoke several deactivation mechanisms simultaneously, like thermal sintering, oxidation or poisoning of the active sites. We report HZSM‐5 supported cobalt catalysts, exhibiting cobalt nanoparticles encapsulated inside, or located at the exterior of the ZSM‐5 support. The materials were studied by a combination of ex situ and in situ electron microscopy with respect to the growth of the cobalt particles. After 1200 h time on stream under CO hydrogenation conditions, the spent catalyst showed minimal sintering of encapsulated cobalt particles. In situ environmental TEM experiments under model reduction and CO hydrogenation conditions indicate the presence of cobalt nanoparticles, which appear highly resistant towards sintering even up to 700 °C. These results provide a first indication for the preparation of sinter stable catalysts suitable for operating in harsh reaction environments.