An oxygen storage material (OSM) that exhibits enhanced redox properties, developed mesoporosity, and a resistance to sintering. The oxygen storage material (OSM) has a high oxygen storage capacity (i.e., OSC>1.5 mmol H2/g) and enhanced reducibility (i.e., bimodal TPR-H2 profile with two Tmax in the temperature range from 150° C. to 550° C.). The OSM is suitable for use as a catalyst and a catalyst support. The method of making the oxygen storage material comprises the preparation of a solution containing zirconium, cerium, rare earth and transition metal salts, followed by the co-precipitation of all constituent metal hydroxides with a base.