Supported metal catalysts are the most widely used in industrial processes and the metal particle size plays a crucial factor in determining the catalytic performance. Herein, CeO2-supported Pd catalysts with different Pd size regimes ranging from single atoms, to nanoclusters (1–2 nm), and to nanoparticles (>2 nm) were used for both CO oxidation and preferential oxidation of CO in H2 (CO-PROX). Compared to Pd nanoclusters and nanoparticles, CeO2-supported single Pd atoms (PdSA/CeO2) are the most intrinsically active in CO oxidation, with an apparent activation energy of ca. 40 kJ mol−1. Results of kinetic investigations and in situ diffuse reflectance infrared Fourier transformed spectroscopy demonstrate the CO oxidation proceeding through a Langmuir-Hinshelwood mechanism with the decomposition of formate species acting dominantly as the rate-determining step. The CO reaction rate is exclusively promoted on PdSA/CeO2 catalysts for the CO-PROX reaction, which could be ascribed to a stronger H-spillover effect on isolated Pd sites to produce bridged-OH on CeO2 surface, simultaneously facilitating the consumptions of bicarbonate and formate species. There results greatly deepen the fundamental understanding of the Pd size regimes over Pd/CeO2 catalysts for the oxidation of CO.