Ceria-based solid solutions doped by Gd and/or Bi were synthesized by co-precipitation method from acid aqueous solution of cerium, gadolinium, and bismuth salts, followed by calcination at the temperature of 500 °C. Characterization of the synthesized samples by many methods was carried out. It is shown that all obtained powders of solid solutions crystallized into a cubic structure of the fluorite type, with an average particle size of 10–17 nm, and for the sample obtained through intermediate acetylacetonate complexes was 5–8 nm. The samples had a mesoporous structure with a pore diameter of 2–5 nm. These systems were tested as the catalysts in CO oxidation in the model gas mixture by the flow method. Gd0.05Bi0.15Ce0.8O2 system obtained through intermediate acetylacetonates has the highest activity, so this sample can be used as a catalyst.