Methane (CH4) is a key component of natural gas and is essential for energy production and utilization. However, due to its strong greenhouse effect, efficient catalytic combustion methods are needed to convert it into CO2 and H2O. This study systematically evaluates the catalytic performance of Co, CoO, and Co3O4 in methane catalytic combustion, particularly highlighting the superior activity of Co3O4. To improve catalytic efficiency, this paper examines the effects of SiO2, Al2O3, and CeO2 as support materials using co-precipitation and impregnation methods. The results show a significant improvement in the catalytic activity of Co3O4 supported on CeO2, attributed to CeO2's unique redox properties and high oxygen storage capacity. Additionally, the study explores the impact of different loading amounts (5%, 10%, 15%, 20%) of Co3O4(x)-CeO2 catalysts on their performance. The optimal 10%wt Co3O4–CeO2 catalyst achieves methane conversion rates of 10%, 50%, and 90% at temperatures of 376 °C, 473 °C, and 578 °C, respectively, demonstrating exceptional stability during a 20-h stability test and the ability to adapt to fluctuations in CH4 concentrations in low-oxygen environments, while also exhibiting significant catalytic activity across a range of methane concentrations from 0.5% to 2.5%. These findings provide important theoretical and experimental guidance for the application of cobalt-based catalysts in CH4 combustion, paving the way for future catalyst design and optimization.