The high-temperature reverse water–gas shift (RWGS) is an industrially relevant reaction. Cu-based catalysts easily sinter and deactivate under these conditions. We demonstrate that it is possible to obtain high-performance and stable catalysts by modifying the mechanism of action. Cu/CeOx-MgO (denoted as Cu/CexMgy) catalysts were developed in which Cu nanoparticles mostly generate spillover H that migrates to support sites where CO2 is selectively reduced, with the rate controlled by the oxide–oxide CeOx-MgO interface. An optimal Cu/Ce0.05Mg0.95 catalyst (in terms of performance at the lowest possible Ce amount) exhibits a near-equilibrium CO2 conversion with a reaction rate of 516.0 μmol·gcat–1·s–1, near-total selectivity to CO at 600 °C, and a high space-velocity of 300,000 mL·gcat–1·h–1. These are among the top performances in the RWGS reaction. Extensive characterization data have proven that the surface-abundant Ce-[Ov]-Mg sites play a critical role in CO2 adsorption/activation as well as the carrier for the spillover of hydrogen species. The mechanism is substantially different from those indicated for Cu-based catalysts for CO2 hydrogenation. By decoupling H and CO2 activation sites and realizing efficient surface mobility of H-spillover species via an enhanced oxide–oxide interface, it is possible to maintain the overall stability and activity of the catalyst when the Cu nanoparticles sinter at a high temperature (i.e., ≥600 °C).