A metal oxide reduction-water splitting cycle is a new developing method to produce synthesis gas without using a catalyst. In the reduction stage, metal oxide reduction and methane activation are combined in an efficient and energy-saving process using methane as a reducing agent. In this study, the effect of temperature and reductant (oxidant) amount on the equilibrium composition of products, graphitic carbon formation, yield of synthesis gas (water splitting stage), and produced ratio are thermodynamically investigated. This investigation includes metal oxides of zinc, tin, cobalt, and nickel. The results show that the synthesis gas is produced simultaneously with gaseous zinc, molten tin, solid cobalt, and solid nickel for those metal oxides in the reduction process. In the case of tin oxide, the feasibility of the graphitic carbon formation is less than the other oxides. The maximum yield of synthesis gas occurs in the stoichiometric molar ratio of methanothermal reduction reactions. From the methane consumption point of view, zinc oxide has a much higher synthesis gas yield. Finally, it is proposed that cobalt and nickel oxides can be used only in the reduction stage to produce synthesis gas and reduced metals due to low equilibrium conversion in the water splitting stage. The metal oxide reduction-water splitting cycle can be developed as an environmentally friendly technology for synthesis gas production over metal oxides.