This research dealt with the preparation and characterization of silver oxide (SLO) nanomaterials (NMs) and their composite catalysts (i.e., silver and ruthenium oxide (SLORUO)). The prepared materials were tested for their catalytic performance in carbon monoxide (CO) oxidation. Generally, silver in its pure state is not widely used for CO oxidation due to stability and structural issues. However, the usage of subsurface oxygen and oxygen-induced reconstruction could be effective as an oxidation catalyst at a slightly high temperature. The low-temperature reaction of highly active RuO2 (RUO) is a well-known phenomenon. Thus, the possibility of using it with SLO to observe the combined catalytic behavior was investigated. The wet chemically prepared SLO and SLORUO NMs exhibited spherical and rods in spherical aggregate-type surface morphology belonging to cubic and rutile crystalline structures, respectively. The NMs and catalysts (i.e., the NMs on γ-Al2O3 catalyst support at 0.5 and 1.0 wt.% ranges) showed good thermal stability. The dry and wet CO oxidation using RUO and SLO showed concentration-dependent catalytic activity. The RUO, SLO, and SLORUO composites using 0.5 wt.% showed full CO oxidation at 200, 300, and 225 °C, respectively. The reasons for the observed activity of the catalysts are explained based on the pore characteristics, chemical composition, and dispersion using H2 temperature-programmed reduction (TPR) behaviors.