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The catalyst exsolved from nickel-doped perovskite oxide, La_0.9Ni_0.05Fe_0.95O₃, has been proven to be effective for gas-phase reactions. To obtain the optimum amount of exsolved nanoparticles from the parent perovskite oxide, control of the reduction treatment condition is vital. Here, the effect of reduction time on the exsolved nanoparticle distribution, and thus the catalytic activity of the high-temperature water gas shift reaction (WGSR), was investigated. Upon conducting a wide range of characterizations, we assumed that the exsolution process might be a two-step process. Firstly, the surface oxygen is extracted. Secondly, due to the unstable perovskite structure, the Ni ions in the bulk La_0.9Ni_0.05Fe_0.95O₃ continuously diffuse toward the surface and, as the reduction progresses, more nuclei are generated to form a greater number of nanoparticles. This assumption is proven by the fact that, with an increase in the exsolution treatment time, the population of exsolution nanoparticles increases. Moreover, as the reduction time increases, the high-temperature WGSR activity also increases. The temperature-programmed measurements suggest that the exsolved nanoparticles are the active reaction sites. We believe that this study is helpful for understanding exsolution behavior during reduction treatment and, thus, developing a perovskite exsolution catalyst for the WGSR.