Disclosed is a process of preparing a catalyst supporting highly metal particles comprising, in the presence of ethylene and/or acetylene in a solution containing a metal-containing ion and a support on which metal particles produced by reduction of the metal-containing ion are supported, reducing by means of a reductant the metal-containing ion to the corresponding metal particles which are then supported on the support. According to the process of this invention, because of the presence of the ethylene and/or acetylene which is supposed to have a function of depressing the deposition of new metal particles present around the metal particles supported on the support, that is, the growth of the metal particles and another function of preventing the agglomeration among the metal particles supported, the catalyst of the desired properties can be prepared.