Novel chitosan and cellulose acetate polymer composites with nanosized cerium oxide were prepared as potential wound dressing materials. Chitosan and cellulose acetate are natural polymer derivatives with biocompatible properties. Both polymers can be dissolved in formic acid. The polymer composite was formed by solvent-casting method. The formed films were not soluble in water. In order to improve antibacterial, thermal, and mechanical properties of the composite material, films were loaded with nanosized cerium oxide. Films were characterized with thermogravimetric, scanning electron microscopy with energy-dispersive X-ray spectroscopy, mechanical, ultraviolet-visible light transmittance, water solubility, pH, moisture content, water vapor transmission rate, swelling, and antibacterial tests. The physical properties and antibacterial characteristics of the films are promising for further research as a potential wound covering material.