Y-doped ceria–zirconia (Ce0.8Zr0.12Y0.08O2−δ, CZY) and ceria–lanthana (Ce0.8La0.12Y0.08O2−δ, CLY) ternary oxide solid solutions were synthesized by a facile coprecipitation method. Structural, textural, redox, and morphological properties of the synthesized samples were investigated by means of X-ray diffraction (XRD), inductively coupled plasma-optical emission spectroscopy (ICP–OES), Raman spectroscopy (RS), UV–visible diffuse reflectance spectroscopy (UV–vis DRS), X-ray photoelectron spectroscopy (XPS), temperature-programmed reduction by hydrogen (H2-TPR), high resolution transmission electron microscopy (HRTEM), and Brunauer–Emmett–Teller surface area (BET SA) techniques. The formation of ternary oxide solid solutions was confirmed from XRD, RS, and UV–vis DRS results. ICP–OES analysis confirmed the elemental composition in the ternary oxide solid solutions. HRTEM images revealed irregular morphology of the samples. RS, UV–vis DRS, and XPS results indicated enhanced oxygen vacancies in the Y doped samples. H2-TPR profiles confirmed a facile reduction of CZY and CLY samples at lower temperatures. BET analysis revealed an enhanced surface area for CZY and CLY samples than the respective CZ and CL undoped mixed oxides. All these factors contributed to a better CO and soot oxidation performance of CZY and CLY samples. Particularly, the CLY sample exhibited highest catalytic activity among the various samples investigated.