Catalysts for the efficient catalytic decomposition of ozone to generate reactive free radicals to oxidize pollutants are needed. The graphite-supported CeO2 catalyst was optimally prepared, and its activity in ozonation was evaluated using the degradation of diethyl phthalate (DEP) as an index. The stability of CeO2/graphite catalyst and the influence of operating conditions on its catalytic activity were investigated, and the mechanism of CeO2/graphite catalytic ozonation was analyzed. CeO2/graphite had the highest catalytic activity at a Ce load of 3.5% and a pyrolysis temperature of 400 °C with the DEP degradation efficiency of 75.0% and the total organic carbon (TOC) removal efficiency of 48.3%. No dissolution of active components was found during the repeated use of CeO2/graphite catalyst. The ozone dosage, catalyst dosage, initial pH, and reaction temperature have positive effects on the DEP degradation by CeO2/graphite catalytic ozonation. The presence of tert-butanol significantly inhibits the degradation of DEP at an initial pH of 3.0, 5.8, or 9.0, and the experimental results of the •OH probe compound pCBA indicate that the CeO2/graphite catalyst can efficiently convert ozone into •OH in solution. The DEP degradation in the CeO2/graphite catalytic ozonation mainly depends on the •OH in the bulk solution formed by ozone decomposition.