Catalytic performance of 3 and 5 wt.% of vanadia, supported on zirconia, zirconia-ceria, and zirconia-yttria, tested in the combustion of soot without and in the presence of NO was described. The catalysts were characterized by structural (XRD, RS) and functional (EPR, TPR) methods. The effect of composition on the catalytic performance of the investigated systems in soot combustion was discussed in detail. Zirconia-supported vanadia was found to be the most active catalyst for soot oxidation characterized by the lowest combustion temperature (~375 °C) attributed to the maximal signal of conversion to the detected products. The relationship between the reducibility of surface oxovanadium species and their catalytic activity was established, revealing the involvement of the lattice oxygen in the combustion process. The importance of thermal treatment conditions and the nature of zirconia-based support determining the stability of specific oxovanadium entities on the catalyst surface was emphasized.