Disclosed is an exhaust gas purifying catalyst wherein grain growth of noble metal particles which are supported on a carrier is suppressed. Also disclosed is a method for producing an exhaust gas purifying catalyst, by which the above-described exhaust gas purifying catalyst can be produced. The exhaust gas purifying catalyst comprises a crystalline metal oxide carrier and noble metal particles which are supported on the carrier. The noble metal particles are epitaxially grown on the carrier, and are dispersed over and supported by the outer surface and the inner surface of the carrier. The method for producing an exhaust gas purifying catalyst comprises a process wherein at least a part of the surface of the crystalline metal oxide carrier is masked by a masking agent in a solution, the carrier is introduced into a noble metal-containing solution that contains the noble metal, and the carrier and the noble metal-containing solution are dried and fired, thereby having the noble metal supported by the carrier.