40 wt.% Pt catalyst supported on multiwalled carbon nanotube (MWCNT) was successfully synthesized by using improved aqueous impregnation method. Catalysts were characterized by HR-TEM, XRD, and X-Ray photoelectron spectroscopy. Electrocatalytic performance of the catalyst materials was investigated by electrochemical half cell test measurements. According to the results of electrochemical measurements, synthesized Pt/MWCNT catalyst presented high electrochemical activity which is mostly due to high utilization of catalyst particles and good physical properties of MWCNT supporting material. It was revealed that, improved aqueous impregnation method has a satisfactory efficiency for production of Pt/MWCNT catalyst.