The low-energy magnetic excitations of the noncentrosymmetric heavy-fermion superconductor CePt3Si have been measured with inelastic neutron scattering on a single crystal. Kondo-type spin fluctuations with an anisotropic wave vector dependence are observed in the paramagnetic state. These fluctuations do not survive in the antiferromagnetically ordered state below TN=2.2 K but are replaced by damped spin waves, whose dispersion is much stronger along the c-axis than in other directions. No change is observed in the excitation spectrum or the magnetic order as the system enters the superconducting state below Tc=0.7 K.