This paper reviews the literature on the synthesis of carbon nanotube- and nanofiber-supported Pt electrocatalysts for proton exchange membrane (PEM) fuel cell catalyst loading reduction through the improvement of catalyst utilization and activity, especially focusing on cathode nano-electrocatalyst preparation methods. The features of each synthetic method were also discussed based on the morphology of the synthesized catalysts. It is clear that synthesis methods play an important role in catalyst morphology, Pt utilization and catalytic activity. Though some remarkable progress has been made in nanotube- and nanofiber-supported Pt catalyst preparation techniques, the real breakthroughs have not yet been made in terms of cost-effectiveness, catalytic activity, durability and chemical/electrochemical stability. In order to make such electrocatalysts commercially feasible, cost-effective and innovative, catalyst synthesis methods are needed for Pt loading reduction and performance optimization.