Modified multi-walled carbon nanotube-supported TiO2 samples were prepared and used as an efficient heterogeneous catalyst for the transesterification of dimethyl carbonate with phenol. The catalysts were characterized by X-ray photoelectron spectroscopy, transmission electron microscopy, N2 adsorption-desorption, and X-ray powder diffraction. The results showed that the catalyst, which was prepared using a low concentration (0.4%) of ammonium hydroxide as the precipitant instead of ionized water, had better catalytic activity, separability, and reusability properties. The effects of the TiO2 loading, amount of catalyst and reaction time on the performance of the transesterification reaction were also studied. Under the optimum reaction conditions, the conversion of phenol reached 42.5% with over 99.9% selectivity for methyl phenyl carbonate and diphenyl carbonate. The catalyst could be reused for the transesterification in four runs with only slight loss of its catalytic activity.