Two new mesoporous nanocatalysts based on CuO-ZnO/MgO were synthesized by using a modified liquid-phase method. Due to use of this method, the nanocatalysts contained an efficient ZnO/MgO phase in which MgO is incorporated into ZnO phase. The structural and catalytic properties of the nanocatalysts in the water-gas shift reaction were investigated compared with samples prepared by conventional sol-gel and liquid-phase methods as references, as well as a commercial catalyst. The results reveal that the new nanocatalysts exhibited higher surface area, lower degree of agglomeration, and higher activity than the reference samples, indicating the influence of both the synthesis method and phase composition.