Reported here are new data on the structural and catalytic properties of a series of mono-component cobalt and bi-component Co–Ce catalysts supported on SBA-15 (Santa Barbara Amorphous-15)). The catalysts performance has been evaluated by tests on combustion of methane, propane, and n-hexane. It was established that the preparation of the Co–Ce catalysts by the ‘two-solvent’ technique does not significantly change the mesoporous structure, however, its pores are clogging with the Co and Ce guest species. Cobalt and cerium are uniformly distributed and preferentially fill up the channels of SBA-15, but oxide agglomerates located on the surface are observed as well. The highest activity of the mono-component cobalt sample is explained by its higher reducibility as a result of lower interaction of the cobalt oxide with the SBA-15. The fine dispersion of cobalt and cerium oxide and their strong interaction in the channels of the SBA-15 molecular sieve, leads to the formation of difficult-to-reduce oxide phases and, consequently, to lower catalytic activity compared to monocomponent cobalt oxide catalyst. The synthesised mesoporous structure can prevent the agglomeration of the oxide particles, thus leading to the successful development of a new and stable catalyst for decreasing greenhouse gas emissions.