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Changes in the gas composition during the methane chemical vapor deposition growth of single- and double-walled carbon nanotubes over metal-supported MgO catalysts were investigated in an attempt to increase the nanotube yield. Monitoring the gas composition by gas chromatography as a function of the reaction time provides information on the activity and lifetime of the catalyst. The degree of methane decomposition, i.e., the C–H bond dissociation, was closely related to the nanotube yield, and the Fe–Mo binary catalyst exhibited a high activity. The effects of water vapor on the catalytic nanotube growth were also studied by introducing water vapor in the inlet gas. An appropriate amount of water prolonged the lifetime of the catalyst and increased the nanotube yield by 35%.