The invention provides and a highly-dispersed supported catalyst that has a reduced average particle size of catalytic metal particles and is also supported by a porous support material. A method of preparing a supported catalyst that can reduce the average particle size of catalytic metal particles supported by a support material includes first mixing a charged support material with a solution containing a polymer electrolyte having a charge opposite to that of the support material to adsorb the polymer electrolyte on the support material. Next, the support material having the polymer electrolyte adsorbed thereon is mixed with a solution containing a catalytic metal precursor ion having a charge opposite to that of the polymer electrolyte to adsorb the catalytic metal precursor ion on the support material having the polymer electrolyte adsorbed on it. Finally, the catalytic metal precursor ion adsorbed on the support material having the polymer electrolyte adsorbed thereon is reduced to a catalytic metal in a reducing solution.