A vanadium oxide catalyst supported on a cerium oxide and zirconium oxide composite core is described. The catalyst comprises 0.1-3 wt % vanadium oxide relative to the total catalyst weight, and the catalyst is in the form of microparticles having diameters of 5-80 μm. A method using a wetness impregnation technique to produce the catalyst is described. The use of the catalyst in the partial oxidation of methanol to produce formaldehyde is specified, along with the catalyst's stability for reaction periods of 50 or more hours. A method of regenerating the catalyst for multiple reactions is also described.