PtAgFe/C catalysts with different atomic ratios were synthesized by wet impregnation reduction method in order to be used in the catalysis of the oxygen reduction reaction (ORR) in the polymer electrolyte membrane (PEM) fuel cell. Physical characterization studies showed that the surface areas of the catalysts varied between 162 and 181 m(2)/g and the pore textures were mainly macroporous. The mean particle sizes were as small as 3.01 nm, which is for Pt6AgFe/C, but increased as the Pt atomic ratio decreased. The highest electrochemically active area was obtained as 557 cm(2)/mg from the Pt6AgFe/C which has the highest Pt atomic ratio. However, mass activities were higher in the catalysts with lesser Pt content. Finally, catalysts were tested in a home-made PEM single cell by preparing membrane electrode assemblies (MEA). Pt6AgFe/C had comparable performance to the commercial Pt/C catalyst when Pt content was taken into consideration. Results show that PtAgFe/C ternary catalysts can be used as a cost effective alternative in PEM fuel cells.