A novel electrocatalyst, with excellent Pi dispersion oil the inner and outer wall of a carbon nanofiber (CNF) was prepared by a modified polyol process in which both surface tension and polarity characteristics of the medium were properly adjusted to favor solution entry into the tubular region by capillary filling and homogeneous wetting of the inner wall surface by the solvents. The pristine CNF, which possesses an inherently active inner wall surface and inactive outer Wall surface, led to selective Pt deposition along the inner wall, whereas activation of the outer wall with chemical functionalization resulted in excellent dispersion of Pt along both inner and outer walls. Structural and morphological characterizations using high resolution transmission electron microscopy (HRTEM) and X-ray diffraction (XRD) revealed that when Pt could be dispersed along the inner as well as the Outer walls of CNF, the Pt particle size decreased to almost half as compared to the one With Pt decoration only along a single wall of the Substrate material. Further, electrochemical studies using cyclic voltammetry (CV) and rotating disk electrode (RDE) measurements revealed enhanced methanol oxidation and oxygen reduction properties, respectively. The electrochemical active area obtained for the catalyst with both inner and outer wall Pt decoration wits nearly two times higher than that corresponding to the one with only inner wall Pt decoration. Similarly, the rate constant for the oxygen reduction reaction displayed by this sample was four times higher in comparison with the sample prepared by Utilizing only one wall for Pt decoration.