The oxidative dehydrogenation of propane using CO2 (CO2-ODP) is a promising technique for high-yield propylene production and CO2 utilization. Developing a highly efficient catalyst for CO2-ODP is of great interest and benefit to the chemical industry and for carbon recycling. However, the efficiency of the existing catalysts is limited. Here, we report a Pt-Co-In ternary nanoalloy on CeO2 having a (Pt1−xCox)2In3 pseudo-binary alloy structure, which exhibits a considerably high catalytic activity, C3H6 selectivity, stability, and CO2 utilization efficiency at 550 °C. Alloying Pt with In and Co significantly improves the C3H6 selectivity and CO2 reduction ability, respectively. The Co species provide a high density of states near the Fermi level, which lowers the energy barrier of CO2 reduction.The catalyst stability is drastically enhanced by combining the strong CO2 activation ability of the alloy and the CeO2 support capable of oxygen release, which facilitate Mars-van Krevelen-type coke combustion.