CeO2–MOx (M = Cu, Co, Ni) composite yolk–shell nanospheres with uniform size were fabricated by a general wet-chemical approach. It involved a non-equilibrium heat-treatment of Ce coordination polymer colloidal spheres (Ce-CPCSs) with a proper heating rate to produce CeO2 yolk–shell nanospheres, followed by a solvothermal treatment of as-synthesized CeO2 with M(CH3COO)2 in ethanol solution. During the solvothermal process, highly dispersed MOx species were decorated on the surface of CeO2 yolk–shell nanospheres to form CeO2–MOx composites. As a CO oxidation catalyst, the CeO2–MOx composite yolk–shell nanospheres showed strikingly higher catalytic activity than naked CeO2 due to the strong synergistic interaction at the interface sites between MOx and CeO2. Cycling tests demonstrate the good cycle stability of these yolk–shell nanospheres. The initial concentration of M(CH3COO)2·xH2O in the synthesis process played a significant role in catalytic performance for CO oxidation. Impressively, complete CO conversion as reached at a relatively low temperature of 145 °C over the CeO2–CuOx-2 sample. Furthermore, the CeO2–CuOx catalyst is more active than the CeO2–CoOx and CeO2–NiO catalysts, indicating that the catalytic activity is correlates with the metal oxide. Additionally, this versatile synthesis approach can be expected to create other ceria-based composite oxide systems with various structures for a broad range of technical applications.