With increased interest in reducing emissions, the staged combustion concept for gas turbine combustors is gaining in popularity. For this work, the effect of CO2 dilution on laminar burning velocities of premixed methane/air flames was investigated at elevated temperature through both experiments and numerical simulations. High temperature experiments were conducted in an optically accessible constant volume combustion chamber at 1 bar and 473 K. Laminar burning velocities of premixed methane/air flames with 0%, 5%, 10% and 15% CO2 dilution were determined using the constant pressure method enabled via schlieren visualization of the spherically propagating flame front. Additions of 5%, 10% and 15% CO2 dilution cause a 30-35%, 51-54% and 66-68% decrease in the laminar burning velocity, respectively. Numerical results were obtained with CHEMKIN using the GRI-Mech 3.0 and the San Diego mechanisms. The GRI-Mech 3.0 shows better agreement with the general trends of the experimental laminar burning velocities of methane/air/CO2 mixtures at 1 bar and 473 K. Additionally, the dilution, thermal-diffusion, and chemical effects of CO2 on the laminar burning velocities of methane/air mixtures were investigated numerically by diluting the mixtures with both chemically active and inactive CO2 following the determination of the most important elementary reactions on the burning rate through sensitivity analysis. Lastly, it was shown that CO2 dilution suppresses the flame instabilities during combustion, which is attributable to the increase in the burned gas Markstein length with the addition of diluent.