An in-depth understanding of the influence mechanism of the nonprecious metal Fe promoter on CO2 methanation is of great significance to the optimal design of high-efficiency CO2 methanation catalysts. In this research, CeO2 and Al2O3-supported Ni-based catalysts were prepared and evaluated for the CO2 methanation reaction. Interestingly, it was found that the addition of Fe into the CeO2-supported Ni catalyst lowered the CO2 methanation performance, while it greatly enhanced the performance of the Al2O3-supported Ni catalyst. A variety of factors over Fe-modified catalysts were explored, in which surface basicity along with oxygen vacancies could contribute to the adjustment of the CO2 methanation performance.