Electronic and structural dynamics of an industrially relevant Pt/CeO2–ZrO2 catalyst with an ordered arrangement of Ce and Zr ions during oxygen storage/release processes at 573–773 K were studied in real time by time-resolved energy-dispersive XAFS at the Zr K edge and Ce L3 edge (see experimental setup). On the basis of these results, the roles of Ce and Zr ions in the function of the mixed-oxide catalyst were elucidated.