CO2 methanation is a promising reaction for utilizing CO2 using hydrogen generated by renewable energy. In this study, CO and CO2 methanation were examined over ceria-supported cobalt catalysts with low cobalt contents. The catalysts were prepared using a wet impregnation and co-precipitation method and pretreated at different temperatures. These preparation variables affected the catalytic performance as well as the physicochemical properties. These properties were characterized using various techniques including N2 physisorption, X-ray diffraction, H2 chemisorption, temperature-programmed reduction with H2, and temperature-programmed desorption after CO2 chemisorption. Among the prepared catalysts, the ceria-supported cobalt catalyst that was prepared using a wet impregnation method calcined in air at 500 °C, and reduced in H2 at 500 °C, showed the best catalytic performance. It is closely related to the large catalytically active surface area, large surface area, and large number of basic sites. The in situ diffuse reflectance infrared Fourier transform spectroscopy (DRIFTS) study revealed the presence of carbonate, bicarbonate, formate, and CO on metallic cobalt.