Pt-Y/C catalysts were prepared by a modified formic acid method and their structural characteristics and activity for oxygen reduction reaction (ORR) were evaluated. X-ray diffraction analysis showed that no alloy was formed between the metals and X-ray photoelectron spectroscopy (XPS) experiments showed that yttrium is presented as Y2O3, Y(OH)3 and Y-O-Pt species. CO stripping voltammetry and in situ X-ray absorption spectroscopy confirmed the interaction between Pt nanoparticles and yttrium species. The Pt-Y/C 7:3 material showed the higher specific activity (103 µA cmPt2) for ORR. Following repetitive potential cycling, the activity for the ORR of the Pt-Y/C 7:3 catalyst declined in a similar proportion to the Pt/C material. Transmission electron microscopy analysis after stability for both catalysts showed that Pt/C particle size slightly increased and that for Pt-Y/C 7:3 remained the same. XPS made in ultrathin catalyst layer, agreeing with energy-dispersive X-ray spectroscopy analysis, revealed that the intensities of the Y 3d peaks were suppressed relative to the initial one and that yttrium in the form of Y2O3 and Y(OH)3 were dissolved, while the species Y–O–Pt still remain in the catalyst, maintaining the higher activity.