Nanocomposite copper-ceria catalysts are provided, which comprise copper oxide nanoparticles, copper nanoparticles, or a mixture thereof combined with ceria nanoparticles. Methods for making such catalysts are also provided, which involve the steps of (i) combining ceria nanoparticles in an aqueous suspension with copper 2,4-pentanedionate to form a slurry; (ii) heating the slurry formed in step (i) under an inert gas atmosphere or an oxygen-argon atmosphere, at a temperature and for a time sufficient to cause decomposition of the copper 2,4-pentanedionate to form copper nanoparticles and/or copper oxide nanoparticles that are combined with the ceria nanoparticles; and (iii) optionally, subjecting the product formed in step (ii) to a heat treatment process under conditions effective to convert at least some of the copper nanoparticles to copper oxide nanoparticles. The nanocomposite copper-ceria catalysts are useful for low-temperature and near-ambient temperature catalysis, such as the oxidation of carbon monoxide, the reduction of nitric oxide and the conversion of hydrocarbons. The nanocomposite copper-ceria catalysts have a variety of potential applications, for example, in vehicle exhaust emission systems of automobiles and diesel engines, cold starting of automobile engine, fuel cells, lasers, hydrocarbon conversion reactors, air filters for the conversion of carbon monoxide and/or indoor volatile organic compounds, and smoking articles.