Co-Mn-Al mixed oxides promoted by potassium are known as active catalysts for the direct decomposition of nitric oxide (NO). In this study, the answer to the following question has been considered: does the presence of cerium in K-promoted Co-Mn-Al catalysts substantially affect the physical-chemical properties, activity, and stability in direct NO decomposition? The Co-Mn-Al, Co-Mn-Al-Ce, and Co-Mn-Al-Ce-K mixed oxide catalysts were prepared by the precipitation of corresponding metal nitrates with a solution of Na2CO3/NaOH, followed by the washing of the precipitate and calcination. Two other catalysts were prepared by impregnation of the Ce-containing catalysts with Co and Co+K nitrates. After calcination, the solids were characterized by chemical analysis, XRD, N2 physisorption, FTIR, temperature-programmed reduction, CO2 and O2 desorption (H2-TPR, CO2-TPD, O2-TPD), and X-ray photoelectron spectrometry (XPS). Cerium and especially potassium occurring in the catalysts affected the basicity, reducibility, and surface concentration of active components. Adding cerium itself did not contribute to the increase in catalytic activity, whereas the addition of cerium and potassium did. Catalytic activity in direct NO decomposition depended on combinations of both reducibility and the amount of stronger basic sites determined in the catalysts. Therefore, the increase in cobalt concentration itself in the Co-Mn-Al mixed oxide catalyst does not determine the achievement of high catalytic activity in direct NO decomposition.