The Ni-Co nanoparticles with various Ni/Co ratios are immobilized on a Ni foam (NF) template, coated with reduced graphene oxides (rGO), and used as a novel noble-metal-free anode electrocatalyst for enhanced performance direct borohydride fuel cells. The electrochemical active surface area (EASA) of Ni50Co50 /rGO/NF (1515 cm2) catalyst is 45.5 times larger than NF (33.3 cm2). A comprehensive study of direct borohydride-hydrogen peroxide fuel cell (DBHPFC) by Pt/C (0.5 mg cm−2) as a cathode and Ni50-Co50/rGO/NF as an anode is accomplished, so an open-circuit potential (OCP) of 1.90 V and the maximum power density of 309 mW cm−2 is obtained at 60 ◦C. These results show that electrocatalyst Ni50Co50/rGO/NF is a suitable candidate for use as an electrocatalyst in DBHPFC due to its low cost, ease of synthesis, excellent structural stability, and high catalytic performance.