Three types of alkaline fuel cell catalysts(Pd2Ni3/C、PdcoreNishell/C、NicorePdshell/C) with different structures have been prepared by reduction, using pretreated active carbon as the support, CeO2 as the decorator and NaBH4 as the reducing agent. According to physical characterization and electrochemistry test, NicorePdshell/C catalyst has better catalytic oxidation activity of ethanol and stability under the alkaline medium. The highest current density was 160mA穋m-2 in NicorePdshell/C with 100mV/s of sweep speed, and its stable current density was higher than Pd2Ni3/C and PdcoreNishell/C catalysts.