Catalytic oxidation is an effective method to remove soot particles from diesel exhaust, and the key aspect of this technology is to develop highly effective catalysts. In this work, a potassium-promoted dual spinel structure was prepared for soot elimination with the self-sacrificing template strategy. The highest activity was presented by the CoMn-0.2 H-10%K catalyst under a loose contact mode, with the temperature of soot conversion reaching 90% and turnover frequency value of 365 °C and 3.76×10−3 s−1, respectively. The catalyst was found to have a high content of oxygen vacancy and a superior ability for lattice oxygen migration, which led to elevated performance for soot combustion. The formation of K-OMS-2 at the interface between the CoMn spinel and the Co3O4 spinel was one of the reasons for the elevated lattice oxygen migration at low temperatures. This work provides an effective way to prepare transition metal catalysts for soot combustion.