Development of three-way catalyst technology has been critical in maintaining air quality regulations for gasoline engines via the conversion of pollutants from the internal combustion engine exhaust. The development of improved three-way catalyst formulations is an important challenge for automotive industry. Indeed, in order to meet increasingly stringent environmental regulations around the world, the development of more efficient catalysts depends on a complete understanding of the many parameters related to three-way catalyst design. In this review paper, some of these parameters are examined in relation to three-way catalyst performance, and especially low-temperature activation performance, with a focus on more recently published work. In particular, washcoat composition, platinum group metal ratios and loading, and substrate design are considered. The effect of these parameters with regard to the conversion efficiency of carbon monoxide, unburned hydrocarbons, and nitrogen oxides pollutants is summarized.