An exhaust gas purifying catalyst 1 has a catalyst substrate 3 and catalyst coating layers 5, 7 that are formed on the catalyst substrate 3 and contain (a) Rh, (b) Pt, (c) an alkali metal or alkaline earth element, and (d) an inorganic oxide. The catalyst coating layers 5, 7 has a layered structure including an inside layer 5 where the component (a) is substantially locally existing, and an outside layer 7 where the component (b) is substantially locally existing. The inside layer 5 also contains a zirconia oxide.