Abstract: The inorganic hydrophobic catalyst used for H₂-H₂O liquid phase catalytic exchange were prepared by impregnation method with the solvent of water/ethanol(the volume ratio is 2∶1) solution, ethanol and acetone respectively. The influence of solvent on the performance of catalysts was studied, and the character of catalysts was tested by XRD, SEM, H₂-TPR, XPS and CO adsorption. With the highest surface tension, the water/ethanol solvent can hardly infiltrate the hydrophobic carrier, which results in the low uniformity of chloroplatinic acid distribution, lead to the low platinum particle dispersion and the high reduction difficulties, the catalytic activity is far below the use of acetone and ethanol as the solvent. With the fastest evaporation, the acetone solvent can reduce the gathering of chloroplatinic acid on the carrier surface, and obtain the highest platinum particle dispersion. Then the platinum are more likely to be reduced, the catalytic activity of the catalyst is better than that of using ethanol as the solvent.