The noble metal-loaded strategy can effectively improve the gas-sensing performances of metal oxide sensors. However, the gas-solid interfacial interactions between noble metal-loaded sensing materials and gaseous species remain unclear, posing a significant challenge in correlating the physical and chemical processes during gas sensing. In this study, in situ diffuse reflectance infrared Fourier transform spectroscopy (DRIFTS) and in situ Raman spectroscopy were conducted to collaboratively investigate the interfacial interactions involved in the ethanol gas-sensing processes over Co3O4 and Ag-loaded Co3O4 sensors. In situ DRIFTS revealed differences in the compositions and quantities of sensing reaction products, as well as in the adsorption-desorption interactions of surface species, among Co3O4 and Ag-loaded Co3O4 materials. In parallel, in situ Raman spectroscopy demonstrated that the ethanol atmosphere can modulate the electron scattering of Ag-loaded Co3O4 materials but not of raw Co3O4. In situ experimental results revealed the intrinsic reason for the highly enhanced sensing performances of the Ag-loaded Co3O4 sensors toward ethanol gas, including a decreased optimal working temperature (from 250 to 150 °C), an improved gas response level (from 24 to 257), and accelerated gas recovery dynamics. This work provides an effective platform to investigate the interfacial interactions of sensing processes at the molecular level and further advances the development of high-performance gas sensors.