Lauretta serves as the principal investigator of the OSIRIS-REx mission to collect and return material from the asteroid Bennu. OSIRIS-REx, the largest sponsored project ever conducted at the University of Arizona, will likely yield fundamental knowledge about the origin of the terrestrial planets. The recently acquired sample will be delivered to Earth in 2023.

In 2002, Lauretta was awarded the Alfred O. Nier Prize of the Meteoritical Society for "his experimental studies of iron-bearing sulfide formation in the solar system." Sulphides play a critical role in the condensation of solids from the nebula of gas where the solar system formed. Lauretta has also researched the transport of material in the solar nebula, the possibility of a meteorite source for the phosphorous necessary for life on Earth, and the chemical processes occurring within asteroids early in their history. Many of Lauretta's papers on these topics are highly cited.

In recognition of his contributions, Lauretta was selected as a Kavli Fellow of the National Academy of Sciences in 2008 and was recognized by Discover magazine in 2004 for a top-100 science discovery. In 2006, the College of Science honored him with a Distinguished Early Career Teaching Award.

In addition to his research, Lauretta has taught at all levels, from undergraduate general education to graduate classes. He also has taught in multiple formats, from large-audience lectures and a TEDx talk to small seminar classes. He has served on advisory boards for both the College of Humanities and the Honors College.