Ru /TiO 2 catalysts are highly active and selective in the selective methanation of CO in the presence of large amounts of CO 2 , but suffer from a considerable deactivation and loss of selectivity during time on stream. Aiming at a fundamental understanding of these processes, we have systematically investigated the physical reasons responsible for these effects, using catalysts with different surface areas and combining time resolved kinetic and in situ / operando spectroscopy measurements as well as ex situ catalyst characterization. This allowed us to identify and disentangle contributions from different effects such as structural effects, adlayer effects such as site blocking effects and changes in the chemical (surface) composition of the catalysts. Operando XANES / EXAFS measurements revealed that an initial activation phase is largely due to the reduction of oxidized Ru species, together with a distinct change in the Ru particle shape, until reaching a state dominated by metallic Ru species (fraction RuO 2 <5%) with the highest Ru mass normalized activity. The loss of activity and also of selectivity during the subsequent deactivation phase are mainly due to slow Ru particle growth (EXAFS, TEM). Surface blocking by adsorbed species such as surface formate / carbonate or surface carbon species, which are formed during the reaction, contributes little, as concluded from in situ IR, TPO and XPS data. Consequences on the selectivity for CO methanation, which decreases with time on stream for catalysts with larger surface area and for the distinct loss of adsorbed CO and surface formate species, as well as the role of the catalyst surface area in the reaction are discussed.