Oxygen-consuming inerting technology is expected to be the primary method for suppressing aircraft fuel tank fires and explosions in the next generation, with the catalytic reactor serving as its core component. However, the catalytic properties of the developed catalyst have yet to be thoroughly studied, and a primary reaction kinetic equation is needed to support further investigation of the reactor. Thus, this study focuses on the performance of the developed catalyst for RP-3 fuel vapor, with a test bench built to analyze its reaction kinetic characteristics. Initially, we tested the steady-state variation in the fuel vapor concentration (FVC) with fuel temperature and fitted an empirical equation, providing fundamental data for subsequent experiments. Subsequently, we studied the impact of critical parameters, such as the FVC, oxygen concentration (OC), CO2 concentration, and reaction temperature, on the reaction performance. The results demonstrate that the reaction rate is positively correlated with the FVC, OC, and reaction temperature, while CO2 has no impact on the catalytic reaction characteristics. Finally, a kinetic equation for the developed catalyst is summarized based on the experimental data, providing a fundamental equation for simulating research on the catalytic reactor and the oxygen-consuming inerting system.