In this paper, the removal effects and activation energy of Ce and Pd doping on pollutants (CO, C3H6, and NO) were comparatively analyzed by using characterization methods and constructed kinetic equations. Furthermore, the problems of the water influence mechanism on the NSR process were also discussed. The results show the following: (1) Pd doping effectively improves the removal of CO (80%) and C3H6 (71%) in the low-temperature section of the catalyst (150-250 °C) compared to Ce doping, while Ce doping exhibits excellent low-temperature conversion of NO. (2) The reaction activation energy of the LaKMnPdO3 catalyst was 9784 kJ/mol, which was significantly lower than that of the LaKMnCeO3 catalyst. (3) The presence of H2O has an important enhancement effect in the storage performance of the LaKMnPdO3 catalyst for NOx but decreases the catalytic reduction of NO. It provides a solution for the effective treatment of the increasing problems of particulate matter and ozone pollution.