An exhaust gas purifying catalyst is provided which includes a catalyst substrate and a catalyst coating layer. The catalyst coating layer is formed on the catalyst substrate and contains a noble metal and a refractory inorganic oxide. The catalyst coating layer has a layered structure including an A-layer and a B-layer. The A-layer contains Pd and Pt as the noble metal in a weight ratio of 3:1 to 20:1. The B-layer includes Rh as the noble metal.