A new rare-earth-based catalytic material with low loading precious metals, used for catalytic coating of the three-way catalysts was prepared by co-precipitation method and precious metals modifier technology. The catalyst activities were evaluated by engine-bench test technology; their purify capabilities for vehicle exhaust and durability were evaluated by rotary drum test and vehicle road test according to the critical Europe IV emission rule. The results demonstrate that the catalysts prepared by the catalytic material have not only excellent light-off characteristic, air-fuel ratio characteristic, and high purify capability for the vehicle exhaust but also low degradation coefficient and high anti-aging performance, which ensure the vehicle emission level and durability meeting the Europe IV standard requirement for the matching vehicle entirely.