Sodium borohydride, NaBH4, shows a number of advantages as hydrogen source for portable proton exchange membrane fuel cells (PEMFCs). Properties of NaBH4 hydrolysis reaction using activated carbon supported Co-B/C, Co-P-B/C catalyst were studied. BET surface area of catalyst, yield of hydrogen, effect of NaBH4 concentration and durability of catalyst were measured. The BET surface area of carbon supported catalyst was over 500 m2/g and this value was 2~3 times higher than that of unsupported catalyst. Hydrogen generation of activated carbon supported catalyst was more stable than that of unsupported catalyst. The activation energy of Co-P-B/C catalyst was 59.4 kJ/mol in 20 wt% NaBH4 and 14% lower than that of Co-P-B/FeCrAlloy catalyst. Catalyst loss on activated carbon supported catalyst was reduced to about 1/3~1/2 compared with unsupported catalyst, therefore durability was improved by supporting catalyst on activated carbon.