Pt metal is generally used as electrocatalyst in polymer electrolyte fuel cells (PEFC). However, the catalytic action of Pt anode is obstructed by the adsorption of CO gas molecules on to their surface and consequently the efficiency of the fuel cell decreases. Moreover, the activity of PEFC deteriorates even if the presence of CO is as low as 100 ppm. In this paper, attempts are being made to replace the Pt with Pt-based transition metal alloys such as PtFe and PtCo to overcome the above problem and also to improve the activity of fuel cells. The PtFe/C and PtCo/C necessary for the preparation of the electrodes were synthesized by depositing PtFe and PtCo particles synthesized using the polyol process on to the surface ketjenblack. From the results of cyclic voltammetry, we could confirm that PtFe/C could be used as an alternate material of Pt/C. However, Fe ions get eluted in the electrolyte. Thus, the study that can control the elution of Fe ion is necessary. Also in case of PtCo/C, we could confirm that Co ion doesn't get to elute, however the hydrogen oxidation reaction current is quite low.