A new method for recovering a catalytic metal and carbon nanotubes from a supported catalyst is provided. The carbon nanotube, including carbon nanotube structures, may serve as the support for the catalytic metal. The valence state of the catalytic metal, if not already in the positive state, is raised to a positive state by contacting the supported catalyst with a mild oxidizing agent under conditions which does not destroy the carbon nanotube. The supported catalyst is simultaneously or subsequently contacted with an acid solution to dissolve the catalytic metal without dissolving the carbon nanotube.