The changes in the oxidation state of supported Pd catalysts during light-off of NO−CO−C 3 H 6 −O 2 reactions were evaluated during temperature ramp up and down cycles (10 °C min −1 ) under fuel-rich (air-to-fuel ratio, A/F = 14.1) and fuel-lean (A/F = 15.0) conditions. Real-time analysis of the Pd oxidation state was carried out by acquiring a diffuse reflectance at a wavelength of 450 nm every second. The correlation between the Kubelka−Munk function and the Pd oxidation state was confirmed by Pd 3d X-ray photoelectron spectroscopy. At the onset of the catalytic reaction, the oxidized Pd species (PdO) supported on Al 2 O 3 was converted to metallic Pd to a varying extent, depending on whether the provided gas feed was rich or lean. Under the rich conditions, >70% of Pd was reduced during light-off, which remained unchanged following the completion of the reaction and the subsequent temperature ramp down. Even under lean conditions, >40% of Pd on the surface was temporally reduced to the metallic state at 300 °C, although the thermodynamic estimation revealed that Pd should be stable in the oxide form. The obtained outcomes suggest that the real catalyst surface at the onset of light-off should be in a more reductive environment than that estimated from the equilibrium O 2 concentration in the gas phase. This is because the Pd surface site was predominantly occupied by the adsorbed CO and/or C 3 H 6 . Nevertheless, following the completion of light-off at ≥400 °C, the Pd surface was immediately reoxidized, as the surface concentration of CO/C 3 H 6 became negligible. The Pd reduction during light-off under lean conditions was determined to be considerably less pronounced when using the oxygen storage CeO 2 − ZrO 2 support. Because of its oxygen storage and release abilities, the reductive atmosphere of the Pd surface was mitigated, and the three-phase boundary formed at the interface with CeO 2 −ZrO 2 provided suitable active sites for the CO/C 3 H 6 light-off at the lowest possible temperatures.