A new method was developed to prepare highly dispersed Pt nanoparticles on carbon black to use as proton exchange membrane (PEM) fuel cell catalysts. This method involves using a polymer, poly(vinylpyrrolidone) (PVP), to prevent particle aggregation and thereby reduce nanoparticle sizes to achieve high dispersion. It was found that Pt nanoparticles mediated by PVP are smaller than those obtained without PVP and have a narrower size distribution. Well-dispersed Pt nanoparticles with metal loadings from 5 to 35 wt % were obtained on carbon black (Vulcan XC-72R). It was found that well-dispersed Pt nanoparticles on carbon black could be synthesized at a PVP monomers-to-Pt atoms ratio of 0.1 under our experimental conditions. Larger amounts of PVP did not produce smaller nanoparticles, but rather reduced the Pt mass loading on carbon black. The morphology of the Pt nanoparticles that were supported on carbon black was characterized with transmission electron microscopy and X-ray diffraction. Their active surface areas were determined using cyclic voltammetry in a sulfuric acid solution. High Pt dispersion was obtained for the catalysts synthesized with PVP mediation, even at Pt loadings up to 35 wt %. The catalysts prepared with PVP mediation generally showed larger active specific areas than did those prepared without PVP.