Ferrite catalysts of Nickel, Cobalt and Copper were prepared by coprecipitation hydrothermal route and were impregnated with Palladium, Cerium and Lanthanum as promoters. These were characterized and found to be thermally stable. Bothe the ferrites and the impregnated samples were tested for carbon monoxide oxidation activities and the results correlated with the reducibility of the catalysts using temperature programmed reduction (TPR) studies. The reduction step of hematite phase of ferrites to magnetite was found shifted to lower temperature region and the catalytic activity was found to be enhanced upon Pd impregnation. The reason for the improved catalytic activity is explained on the basis of preferential adsorption, the strong synergic effects between the different metal components and the relative changes in the redox nature of the catalysts.