To investigate degradation mechanism of PEMFC operated with repetitive startup/shutdown cycling, i-V characteristics, impedance, cyclic voltamograms were measured. OCV decreased from 0.967 to 0.951 V while the cell voltage at 800mA/$cm^2$ from 0.657 to 0.563V, implying that the electrodes rather than membrane electrolyte was damaged during the cycling operation. Electrochemical analyses supported that the performance degradation could be mainly attributed to degradation of the electrodes such as a decrease in electrochemical active surface area rather than degradation of membrane.