Responsive core–shell microgels are promising systems for a stabilization of Pd nanoparticles and control of their catalytic activity. Here, poly-N-n-propylacrylamide (PNNPAM) was copolymerized with methacrylic acid to yield microgel core particles, which were subsequently coated with an additional, acid-free poly-N-isopropylmethacrylamide (PNIPMAM) shell. Both core and core–shell systems were used as pH- and temperature-responsive carrier systems for the incorporation of palladium nanoparticles. The embedded nanoparticles were found to have a uniform size distribution with diameters at around 20 nm. Their catalytic activity was investigated by following the kinetics of the reduction of p-nitrophenol to p-aminophenol using UV-vis spectroscopy. For the PNNPAM microgel core, the temperature dependence of the rate constant followed the Arrhenius equation, which is an unusual behaviour for thermoresponsive carrier systems but common for passive systems such as polyelectrolyte brushes. In contrast, the catalytic activity of nanoparticles embedded in microgel core–shell systems decreased drastically at the volume phase transition temperature (44 °C) of the PNIPMAM shell. Accordingly, a promising architecture of passive nanoparticle-carrying core and thermoresponsive shell was realized successfully.