The present invention provides a method of making a noble metal catalyst, where the noble metal is distributed on the surface of special composite carrier particles. Nanometer sized oxide particles are first dry coated by an impact mixing process on the surface of larger alumina particles. In general, this dry coating process coats the nanometer sized particles on the surface of the alumina particles. A suitable solution of noble metal(s) compound is then soaked on the surface of the composite carrier particles. Ultimately, the noble metal compound is decomposed by calcining and noble metal particles dispersed with large effective surface area on the composite carrier particles. The resultant catalyst structure improves catalyst performance while making efficient and effective use of the expensive noble metal.