The microstructure of 2% Pt/CeO2-TiO2 catalysts has an effect on their catalytic properties in CO oxidation. The nanostructured catalysts as platinum clusters 0.3–0.5 nm in size are the most active. These clusters are stabilized at crystal boundaries formed by irregularly intergrown anatase particles. The catalyst containing platinum particles 2–5 nm in size is less active because of the decrease in the extent of dispersion of platinum and the change of its electron state.