Pt-CeO2-Al2O3 catalysts play an important role in diesel oxidation and three-way catalysis. In this study, the fast structural dynamics of both platinum and ceria in a 1 wt %Pt/5 wt %CeO2-Al2O3 catalyst prepared by flame spray pyrolysis have been systematically investigated under reducing and oxidizing conditions to elucidate the role of the Pt–CeO2 interface for CO oxidation and fast oxygen storage/release of ceria. The catalyst showed enhanced catalytic activity, particularly after application of a reducing/oxidizing conditioning step at 250 °C, with a pronounced dependence on the reducing agent (C3H6 < H2 < CO). In situ time-resolved X-ray absorption spectroscopy (XAS) at the Ce L3-edge unraveled a dependence of the reduction extent of ceria during temperature-programmed reduction on the noble metal constituent and the applied reducing agent. Dynamic reducing/oxidizing cycling (2% H2 ↔ 10% O2 or 2% CO ↔ 10% O2) at various temperatures (150, 250, and 350 °C) showed that the reducibility of ceria increas...