The invention provides a catalyst composition, including a mixture of catalytically active particles and a magnetic material, such as superparamagnetic iron oxide nanoparticles, capable of inductive heating in response to an applied alternating electromagnetic field. The catalytically active particles will typically include a base metal, platinum group metal, oxide of base metal or platinum groupmetal, or combination thereof, and will be adapted for use in various catalytic systems, such as diesel oxidation catalysts, catalyzed soot filters, lean NOx traps, selective catalytic reduction catalysts, ammonia oxidation catalysts, or three- way catalysts. The invention also includes a system and method for heating a catalyst material, which includes a catalyst article that includes the catalyst composition and a conductor for receiving current and generating an alternating electromagnetic field in response thereto, the conductor positioned such that the generated alternating electromagnetic field is applied to at least a portion of the magnetic material.