We report the results of studies related to the fabrication of a palladium nanoparticle decorated-reduced graphene oxide (Pd@rGO) based electrochemical immunosensor for the label free ultrasensitive detection of the prostate-specific antigen (PSA), a prostate cancer biomarker. The synergistic electrochemical activities of Pd and rGO result in an enhanced electron transfer used for the development of an ultrasensitive immunosensor. A facile approach was developed for the in situ synthesis of Pd@rGO using ascorbic acid as the reducing agent which enables the simultaneous reduction of both Pd⁺² and GO into Pd nanoparticles and rGO, respectively. XRD, FTIR, SEM and TEM investigations were carried out to characterize the Pd@rGO material. A thin film of nanostructured Pd@rGO was electrophoretically deposited on an ITO coated glass electrode that was subsequently functionalized with anti-PSA antibodies. The electrochemical sensing results of the proposed immunosensor showed a high sensitivity {28.96 μA ml ng⁻¹ cm⁻²}. The immunosensor is able to detect PSA at concentrations as low as 10 pg ml^-1. The simple fabrication method, high sensitivity, good reproducibility and long term stability with acceptable accuracy in human serum samples are the main advantages of this immunosensor.