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We have studied the influence of oxygen on the structure and morphology of a Pd/Fe3O4 model catalyst using molecular beam (MB) methods, IR reflection absorption spectroscopy (IRAS) and scanning tunneling microcopy (STM). The model catalyst was prepared under ultrahigh vacuum (UHV) conditions by physical vapor deposition (PVD) and growth of Pd nanoparticles on an ordered Fe3O4 thin film on Pt(111). It is found that surface oxides are formed on the Pd nanoparticles even under mild oxidation conditions (temperatures of 500 K and effective oxygen partial pressures of around 10−6 mbar). These surface oxides are initially generated at the Pd/Fe3O4 interface and, subsequently, are formed at the Pd/gas interface. The process of formation and reduction of surface and interface oxides on the Pd particles is fully reversible in that all oxides formed can be fully reduced. As a result, the oxide phase acts like a storage medium for oxygen during oxidation reactions, as probed via CO oxidation. The process of surface and interface oxidation is directly connected with the onset of a non-reversible sintering process of the Pd particles. It is suggested that this sintering process occurs via a mobile Pd oxide species, which is stabilized by interaction with the Fe3O4 support. The restructuring is monitored via STM and IRAS using CO as a probe molecule. In addition to a decrease in particle density and Pd surface area, a reshaping of the particles occurs, which is characterized by the formation of well-ordered crystallites and with a relatively large fraction of (100) facets. After a few oxidation/reduction cycles at 500 K, the sintering process becomes very slow and the system shows a stable behavior under conditions of CO oxidation. [ABSTRACT FROM AUTHOR]