Carbon nanotubes (CNTs)-supported Pt nanoparticles were prepared with selective deposition of Pt nanoparticles inside and outside CNTs (Pt-in/CNTs and Pt-out/CNTs). The effects of Pt loading and reaction solvents on phenol hydrogenation were investigated. The Pt nanoparticles in Pt-in/CNTs versus Pt-out/CNTs are smaller and better dispersed. The catalytic activity and reuse stability toward phenol hydrogenation both improved markedly. The dichloromethane-water mixture as the reaction solvent, compared with either pure medium, decreased the catalytic activity toward phenol hydrogenation and selectivity of cyclohexanone over Pt-in/CNTs, but significantly improved the catalytic activity toward phenol hydrogenation and selectivity of cyclohexanone over Pt-out/CNTs.