A series of nickel-cerium-promoted mesoporous silica (SBA-15) catalysts modified with different loadings of yttrium were synthesized by cetyltrimethylammonium bromide (CTAB)-assisted impregnation. The catalysts were tested in CO2 methanation reaction and characterized by N2 sorption, X-ray fluorescence (XRF), small-angle X-ray scattering (SAXS) and wide-angle X-ray diffraction (XRD), H2 chemisorption, transmission electron microscopy (TEM), X-ray photoelectron spectroscopy (XPS), H2 temperature-programmed reduction (H2-TPR), CO2 temperature-programmed desorption (CO2-TPD), and thermogravimetric analysis coupled with mass spectrometry (TGA-MS). The best catalytic performance in CO2 methanation was found for Y-modified NiCe/SBA-15 catalysts compared to the unpromoted sample. The modification with 10 wt% of yttrium gave the highest CO2 conversion of 61% ± 2% at 350 °C. We attribute this increase to an improved dispersion of Ni, increased reducibility of Ni species, higher ratio of Ce3+/(Ce3+ + Ce4+), and increased moderate basicity found for 15Ni10Ce10Y/SBA-15. This paper shows that 10 wt% of Y loading not only improves the catalytic activity in CO2 methanation, but also gives stable performance. The tested 15Ni10Ce10Y/SBA-15 catalyst did not exhibit activity loss during 26 h of time-on-stream (TOS) experiment at 350 °C. Moreover, carbon deposits and sintered nickel particles could hardly be found in 15Ni10Ce10Y/SBA-15 catalyst used for 7 h.