Various Au/Fe2O3 catalysts were prepared by the coprecipitation method, and CO oxidation was studied at ambient temperature and in the presence of water vapor in the feed. It was found that the precipitation method and the calcination temperatures have a significant effect on the catalytic performance of CO oxidation. The stability is related to the particle size of metallic gold and alpha-Fe2O3 and the oxidation state of gold and the iron crystalline phase. The sintering of the gold particles, the reduction of oxide gold to metallic gold, the accumulation of carbonate, and a decrease in the specific surface area were observed during the reaction, which may contribute to the deactivation of Au/Fe2O3 catalysts.