This study investigated the performance of supported Co3O4 catalysts during the preferential oxidation of carbon monoxide (CO-PrOx) in a H2-rich environment, focusing on the effects of different catalyst synthesis methods, namely, wetness impregnation (WI) and solution combustion synthesis (SCS), and different support materials, namely, Al2O3 and SiC. During CO-PrOx, the SiC-supported Co3O4 catalysts attained higher CO2 yields when compared with the Al2O3-supported Co3O4 catalysts possibly because of the existence of weaker interactions between Co3O4 and SiC. Moreover, the catalysts prepared via SCS achieved higher CO2 yields than the catalysts prepared via WI likely due to the presence of smaller and well-dispersed Co3O4 particles in the SCS-prepared catalysts. Significantly high amounts of unwanted CH4 were produced over the SiC-supported catalysts between 225 and 250 °C. The high CO methanation activity was also attributed to the weaker Co3O4-SiC interactions, which enabled the easier reduction of Co3O4 to methanation active metallic Co.