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Carbon supported Pd–Ag/C catalyst was prepared using co-reduction method. Physicochemical characterization results revealed that alloy nanoparticles with face-centered cubic structure were successfully formed. The electrochemical studies for ethanol oxidation in alkaline media were performed with cyclic voltammetry, linear sweep voltammetry and chronoamperometry methods. The results showed that Pd–Ag/C exhibited an excellent activity, enhanced CO tolerance and better stability than Pt/C and Pd/C, making it a promising anodic catalyst for alkaline direct ethanol fuel cell.