A Gasoline Particulate Filter (GPF) can be an effective solution to abate the particulate matter produced in modern direct injection gasoline engines. The regeneration of this system is critical, since it occurs in oxygen deficiency, but it can be promoted by placing an appropriate catalyst on the filter walls. In this paper, a nanostructured equimolar ceria-praseodymia catalyst, obtained via hydrothermal synthesis, was characterized with complementary techniques (XRD, N2-physisorption, FESEM, XPS, Temperature Programmed Reduction, etc.) and its catalytic performances were investigated in low oxygen availability. Pr-doping significantly affected ceria structure and morphology, and the weakening of the cerium–oxygen bond associated to Pr insertion resulted in a high reducibility. The catalytic activity was explored considering different reactions, namely CO oxidation, ethylene and propylene total oxidation, and soot combustion. Thanks to its capability of releasing active oxygen species, ceria-praseodymia exhibited a remarkable activity and CO2-selectivity at low oxygen concentrations, proving to be a promising catalyst for coated GPFs.