A series of Y-modified cobalt oxides with various Y/(Co+Y) molar ratios (0.25 %, 0.5 %, 1 %, 3 % and 5 %) were prepared to study the effect of Y content on toluene and propane combustion. The characterization of the catalysts revealed that proper Y incorporation resulted in smaller crystallite sizes, larger specific surface areas, more oxygen vacancies and weaker Co-O bonds. As such, the Y-modified Co3O4 showed enhanced low-temperature reducibility, boosted oxygen mobility and better catalytic activity. However, excess Y (> 1 %) aggregates on the surface of Co3O4 and forms yttrium carbonate species, hindering the catalyst activity. A volcano-type relationship between the Y content and the catalytic activity was established. The optimal catalyst 1 % Y-Co (with Y/(Co+Y) molar ratio of 1 %) exhibited toluene oxidation rate of 24 nmol g-1 s-1 at 220 °C and propane oxidation rate of 69 nmol g-1 s-1 at 180 °C. Besides, 1 % Y-Co presented perfect cycling stability and long-term durability in propane oxidation. Regarding its low cost, high efficiency and good stability, 1 % Y-Co is a promising catalyst for the practical elimination of hydrocarbon emissions.