The aim of the study was to establish the influence of a co-precipitation agent (i.e., NaOH–immediate precipitation; hexamethylenetetramine/urea–gradual precipitation and growth of nanostructures) on the properties and catalytic activity of as-synthesized Au-CeO2 nanocomposites. All catalysts were fully characterized with the use of XRD, nitrogen physisorption, ICP-OES, SEM, HR-TEM, UV-vis, XPS, and tested in low-temperature oxidation of benzyl alcohol as a model oxidation reaction. The results obtained in this study indicated that the type of co-precipitation agent has a significant impact on the growth of gold species. Immediate co-precipitation of Au-CeO2 nanostructures with the use of NaOH allowed obtainment of considerably smaller and more homogeneous in size gold nanoparticles than those formed by gradual co-precipitation and growth of Au-CeO2 nanostructures in the presence of hexamethylenetetramine or urea. In the catalytic tests, it was established that the key factor promoting high activity in low-temperature oxidation of benzyl alcohol was size of gold nanoparticles. The highest conversion of the alcohol was observed for the catalyst containing the smallest Au particle size (i.e., Au-CeO2 nanocomposite prepared with the use of NaOH as a co-precipitation agent).