The effects of the metal deposition and activation methods on metal particle size and distribution were investigated for carbon nanotube supported Pd catalysts. The Pd precursor was loaded by incipient wetness impregnation, ion adsorption, and deposition precipitation and was activated by thermal treatment under a nitrogen atmosphere or in the liquid phase by reduction by formaldehyde or sodium borohydride. Regardless of the metal precursor loading method, activation under a N2 atmosphere at 500 °C led to homogeneously distributed 4 nm Pd particles. Liquid‐phase reduction by sodium borohydride provided a bimodal distribution with particle sizes of approximately 1 and >10 nm. A somewhat weaker reducing agent, formaldehyde, yielded particles approximately 1 nm in size. The activities of the catalysts for the hydrogenation of cinnamaldehyde correlated with the particle sizes.