Platinum-iron and/or cobalt alloy electrocatalysts have outstandingly high stability and catalytic activity. In addition, electrodes using such electrocatalysts remain stable for longer periods and have more than 20 mV to 40 mV higher output over a wide range of current densities, compared with electrodes using platinum alone as the catalysts. Because of their high catalytic activity and long service life, such electrodes may be considered to have a practical value. The outstanding performance of such new electrocatalysis is due to the anchor effect of iron and/or cobalt to platinum on carbon. This special effect is thought to be responsible in preventing platinum on carbon from sintering and dissolving during electrode operation.