Measurements of lactate concentrations in blood and tissues are an important indication of the adequacy of tissue oxygenation and could be useful for monitoring the state and progress of a variety of diseases. This paper describes the fabrication, analytical characterization, and physiological application of an amperometric microbiosensor based on lactate oxidase and oxygen-rich platinum doped ceria (Pt-ceria) nanoparticles for monitoring lactate levels during hypoxic conditions. The Pt-ceria nanoparticles provided electrocatalytic amplification for the detection of the enzymatically produced hydrogen peroxide and acted as an internal oxygen source for the enzyme, enabling lactate monitoring in an oxygen depleted tissue. In vitro evaluation of the biosensor demonstrated high selectivity against physiological levels of ascorbic acid, a storage stability of 3 weeks, a fast response time of 6 s, and good, linear sensitivity over a wide concentration range. In vivo experiments performed by placing the biosensor in the hippocampus of anesthetized rats demonstrated the feasibility of continuous lactate monitoring over 2 h ischemia and reperfusion. The results demonstrate that Pt-ceria is a versatile material for use in implantable enzyme bioelectrodes, which may be used to assess the pathophysiology of tissue hypoxia. In addition to measurements in hypoxic conditions, the detection limit of this biosensor was low, 100 pM, and the materials used to fabricate this biosensor can be particularly useful in ultrasensitive devices for monitoring lactate levels in a variety of conditions.