Polarization characteristics were studied in nickel and yttria stabilized zirconia cermet (Ni-YSZ cermet) electrodes in order to search for an adequate fabrication condition of a planar solid oxide fuel cell. Several electrodes were prepared by the slurry coating method, and dc and ac polarization behaviors were investigated at 1273 K in H2-H2O atmosphere. An experimental equation was derived to describe a typical dc polarization curve of a Ni-YSZ cermet electrode. Effects of fabrication temperature, nickel content, and material powder were investigated in terms of deviation from this equation. Anodic overvoltage with a carefully prepared electrode was decreased to about 0.12V at 1 A/cm2.