The Cepheus B (Cep B) molecular cloud and a portion of the nearby Cep OB3b OB association, one of the most active regions of star formation within 1kpc, have been observed with the Infrared Array Camera detector on board the Spitzer Space Telescope. The goals are to study protoplanetary disk evolution and processes of sequential triggered star formation in the region. Out of ~400 pre-main-sequence (PMS) stars selected with an earlier Chandra X-ray Observatory observation, ~95% are identified with mid-infrared sources and most of these are classified as diskless or disk-bearing stars. The discovery of the additional >200 IR-excess low-mass members gives a combined Chandra+Spitzer PMS sample that is almost complete down to 0.5M_{sun}_ outside of the cloud, and somewhat above 1M_{sun}_ in the cloud.