Carbon nanofibers/silver nanoparticles (CNFs/AgNPs) composite nanofibers were fabricated by two steps consisting of the preparation of the CNFs by electrospinning and the hydrothermal growth of the AgNPs on the CNFs. The as-prepared nanofibers were characterized by scanning electron microscopy, energy dispersive spectroscopy, transmission electron microscopy, X-ray diffraction, resonant Raman spectra, thermal gravimetric and differential thermal analysis, and X-ray photoelectron spectroscopy, respectively. The results indicated that not only were AgNPs (25–50 nm) successfully grown on the CNFs but also the AgNPs were distributed without aggregation on the CNFs. Further more, by adjusting the parameters in hydrothermal processing, the content of silver supported on the CNFs could be easily controlled. The catalytic activities of the CNFs/AgNPs composite nanofibers to the reduction of 4-nitrophenol (4-NP) with NaBH₄ were tracked by UV–visible spectroscopy. It was suggested that the CNFs/AgNPs composite nanofibers exhibited high catalytic activity in the reduction of 4-NP, which might be attributed to the high surface areas of AgNPs and synergistic effect on delivery of electrons between CNFs and AgNPs. And, the catalytic efficiency was enhanced with the increasing of the content of silver on the CNFs/AgNPs composite nanofibers. Notably, the CNFs/AgNPs composite nanofibers could be easily recycled due to their one-dimensional nanostructural property.