Adsorption of Pd(NH3)42+ in preformed chitosan–graphene oxide (CS-GO) beads and their subsequent reduction with NaBH4 afford well-dispersed, high dispersion (~21%) of uniformly sized Pd nanoparticles (~1.7 nm). The resulting Pd/CS-GO exhibits interesting catalytic activity for hydrogen generation by ammonium formate decomposition. The optimal GO proportion of 7 wt% allows reaching, at 60 °C, a turnover frequency above 2200 h−1—being outstanding among the highest values reported for this process to date. Interestingly, no formation of CO or CH4 was detected. The catalyst did not leach, although it underwent gradual deactivation, probably caused by the increase in the Pd average size that became over 3 nm after three uses. Our results are relevant in the context of efficient on-board hydrogen generation from liquid organic hydrogen carriers in transportation.