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The performance of Pd electrocatalysts for formic acid electrooxidation was improved by application of metal oxide-multiwall carbon nanotubes composites as a catalyst support. Hybrid oxides/MWCNTs were synthesized by two different methods: chemical reduction method and impregnation method. Pd based catalysts were synthesized by polyol method on the MWCNTs or oxide/MWCNTs composites. The In2O3 was deposited on MWCNTs by impregnation method (In2O3/MWCNTs-IM support) and in the presence of NaBH4 (In2O3/MWCNTs-NaBH4 support). The physical properties of the Pd/In2O3/MWCNTs-IM, Pd/In2O3/MWCNTs-NaBH4, Pd/SnO2/MWCNTs, and Pd/MWCNTs catalysts were characterized and their electrocatalytical performance in formic acid oxidation was compared. During Pd deposition on In2O3/MWCNTs-NaBH4 support, InPd2 structure was formed as observed by XRD. The electrochemical tests indicate that the two Pd/ In2O3/MWCNTs electrocatalysts have higher electrocatalytic activity than those of Pd/SnO2/MWCNTs and Pd/MWCNTs. The best performance was observed for the catalyst obtained by In2O3 impregnation of MWCNTs denoted by Pd/In2O3/MWCNTs-IM.