In the present work, a simple soft chemistry method was employed to prepare cobalt mixed oxide (Co3O4) materials, which have shown remarkably high activity in the heterogeneously catalyzed total oxidation of low reactive VOCs such as the light alkanes propane, ethane, and methane. The optimal heat-treatment temperature of the catalysts was shown to depend on the reactivity of the alkane studied. The catalytic activity of the Co3O4 catalysts was found to be as high as that of the most effective catalysts based on noble metals. The physicochemical properties, from either the bulk (using XRD, TPR, TPD-O2, and TEM) or the surface (using XPS), of the catalysts were investigated to correlate the properties with the catalytic performance in the total oxidation of VOCs. The presence of S1 low-coordinated oxygen species at the near surface of the Co3O4-based catalysts appeared to be linked with the higher reducibility of the catalysts and, consequently, with the higher catalytic activity, not only per mass of catalyst but also per surface area (enhanced areal rate). The co-presence of propane and methane in the feed at low reaction temperatures did not negatively affect the propane reactivity. However, the co-presence of propane and methane in the feed at higher reaction temperatures negatively affected the methane reactivity.