Abstract PtCo nanocatalysts have been synthesized and tested for both preferential oxidation of CO in excess H 2 (PROX) and CO oxidation in the absence of H 2 (COOX). Structural characterization and reaction results suggest that a PtCo catalyst architecture consisting of Pt nanoparticles decorated with highly dispersed CoO nanostructures is the active structure for both reactions. The highly active “CoO‐on‐Pt” catalysts can be prepared by reduction of as‐prepared PtCo catalysts at an intermediate temperature or by reactivation of an acid‐leached PtCo catalyst at a similar temperature. A comparative study of PtFe, PtCo, and PtNi catalysts reveals that interface confinement effects are dominant in all “TMO x ‐on‐Pt” systems (TM=Fe, Co, and Ni). However, the activity and stability in both PROX and COOX reactions for each of these catalyst systems is variable.