In this work, carbon-supported Pt-Fe catalysts (Pt-Fe/C) have been synthesized to determine the electrochemical activity toward oxygen reduction reaction (ORR). Compared to the Pt/C catalyst, the Pt-Fe/C catalyst showed around 23% less area-specific activity but 8.6% more mass activity. These findings suggest the possibility to develop a catalyst that is both more active and cost-efficient than platinum. Furthermore, Pt-Fe/C catalyst was successfully compared as a cost-effective catalyst alternative to the Pt/C catalyst.