The electrocatalytic characteristics of oxygen reduction reaction of the $PtxM_{(1-x)}$ (M = Co, Cu, Ni) supported on multi-walled carbon nanotubes (MWNTs) have been evaluated in a Polymer Electrolyte Membrane Fuel Cell (PEMFC). The $Pt_xM_{(1-x)}$/MWNTs catalysts with a Pt : M atomic ratio of about 3 : 1 were synthesized and applied to the cathode of PEMFC. The crystalline structure and morphology images of the $Pt_xM_{(1-x)}$ particles were characterized by X-ray diffraction and transmission electron microscopy, respectively. The results showed that the crystalline structure of the Pt alloy particles in Pt/MWNTs and $Pt_xM_{(1-x)}$/MWNTs catalysts are seen as FCC, and synthesized $Pt_xM_{(1-x)}$ crystals have lattice parameters smaller than the pure Pt crystal. According to the electrochemical surface area (ESA) calculated with cyclic voltammetry analysis, $Pt_{0.77}Co_{0.23}$/MWNTs catalyst has higher ESA than the other catalysts. The evaluation of a unit cell test using Pt/MWNTs or $Pt_xM_{(1-x)}$/MWNTs as the cathode catalysts demonstrated higher cell performance than did a commercial Pt/C catalyst. Among the MWNTs-supported Pt and $Pt_xM_{(1-x)}$ (M = Co, Cu, Ni) catalysts, the $Pt_{0.77}Co_{0.23}$/MWNTs shows the highest performance with the cathode catalyst of PEMFC because they had the largest ESA.