Low-energy wet milling was employed to activate commercial CoAl2O4 spinel and disperse mono- and multimetallic nanoparticles on its surface. This method yielded efficient Pt,Ni catalysts for soot oxidation in simulated diesel exhaust conditions. The characterization and activity results indicated that although Ni/CoAl2O4 was highly active, the presence of Pt was required to obtain a stable Ni(0.25 wt. %),Pt(0.75 wt. %)/CoAl2O4 catalyst under the operating conditions of diesel particulate filters, and that hot spots formation must be controlled to avoid the deactivation of the cobalt aluminate. Our work provides important insight for new design strategies to develop high-efficiency low-cost catalysts. Platinum-containing multimetallic nanostructures could efficiently reduce the amount of the costly, but to date non-replaceable, Pt noble metal for a large number of industrially important catalytic processes.