A series of Ag-modified manganese-mullite (SmMn2O5) catalysts with different Ag contents (1, 3, and 6 wt.%) were prepared via a citric acid sol–gel method for catalytic soot oxidation. The catalysts were characterized by powder X-ray diffraction (XRD), Brunauer–Emmett–Teller (BET), Raman spectroscopy, transmission electron microscopy (TEM), high-resolution transmission electron microscopy analysis (HRTEM), X-ray photoelectron spectroscopy (XPS), and H2 temperature-programmed reduction (H2-TPR). The soot oxidation activity of the mullite was significantly promoted by the addition of silver and affected by the loading amount of the metal. Herein, the influences of silver loading on the metal size distribution and its interactions with the mullite were studied. Based on these characterizations, a possible soot oxidation reaction mechanism was proposed for silver-modified SmMn2O5.