ZrO2 and Ce0.8Zr0.2O2 mixed oxides were prepared and tested in the oxidation of carbon soot at different oxygen partial pressures and degrees of catalyst/soot contact to investigate their activity under typical gasoline direct injection (GDI) operating conditions. Under reductive atmospheres, generation of oxygen vacancies occurs in Ce0.8Zr0.2O2, while no reduction is observed on ZrO2. Both materials can oxidize carbon under high oxygen partial pressures; however, at low oxygen partial pressures, the presence of carbon can contribute to the reduction of the catalyst and formation of oxygen vacancies, which can then be used for soot oxidation, increasing the overall performance. This mechanism is more efficient in Ce0.8Zr0.2O2 than ZrO2, and depends heavily on the interaction and the degree of contact between soot and catalyst. Thus, the ability to form oxygen vacancies at lower temperatures is particularly helpful to oxidize soot at low oxygen partial pressures, and with higher CO2 selectivity under conditions typically found in GDI engine exhaust gases.