An enhanced catalytic activity and improved reusability were achieved by applying facile KNO3 modification during the synthesis of a copper‐manganese mixed oxide (CuMnO). Upon KNO3 modification, the characteristic finishing temperature (Tf) of catalytic soot combustion was decreased from 360 °C for CuMnO to 338 °C for the K‐modified product CuMnO(K). Moreover, this Tf value for CuMnO(K) remained remarkably low (346 °C) even after five runs of an activity test. The excellent performance of CuMnO(K) is attributed to its well‐dispersed nanoparticle morphology, which is totally different from the microspherical features of CuMnO and is beneficial for its sufficient contact with the soot particles. Additionally, an interesting phase evolution of CuMnO(K) was observed for the first time from Cu1.5Mn1.5O4 to the mixed phases of CuO, K2Mn4O8, and MnOx during the consecutive test runs. These mixed phases are believed to be responsible for the enhancement and stabilization of the catalytic activity. Furthermore, the mechanism for the morphology transformation upon KNO3 modification and for the phase evolution during soot combustion was investigated.