InZrOx oxide was prepared by co-precipitation and hydrothermal methods using indium nitrate tetrahydrate and zirconium nitrate pentahydrate as raw materials, and the effect of calcination temperature on the synthesized oxides was investigated under optimal preparation conditions, and combined with SAPO-34 molecular sieve as a bifunctional catalyst for the catalytic conversion of syngas to high-value products. The texture properties, crystal structure, morphology features, and surface charge of the oxides were characterized by XRD, SEM-EDS, HRTEM, XPS and BET. And the factors affecting the catalytic effect, including pace velocity, hydrogen-carbon mole ratio of feed gas, mass ratio of oxide to molecular sieve, reaction temperature, and reaction pressure, were systematically studied in a fixed bed reactor. The results showed that the oxides obtained by co-precipitation performed better than the hydrothermal method in all aspects, and the optimum calcination temperature was 550 °C.The reaction conditions were optimized as follows: space velocity 2000 mL/(gcat·h), hydrogen-carbon mole ratio 3:1, m(InZrOx):m(SAPO-34)=1:1, 400 °C, and 3 MPa. Under the optimized conditions, the conversion of CO was 67.58%, the selectivity of high-value products was 70.81%(including the selectivity of C2-4= was 37.74%, the selectivity of C5+ was 37.74%), the yield of light olefins reached 23.98%, and the selectivity of by-product CO2 was only 5.99%.