Nickel/oxygen ion conducting ceramic composite powders (Ni/YSZ) are commonly used materials for fuel electrodes of solid oxide fuel cells and electrolyzers. One of the ways for increasing the activity of Ni/YSZ is infiltration/impregnation, where a formed porous electrode is impregnated with solutions of active elements, followed by thermolysis. In this study, Ni/YSZ electrodes simultaneously impregnated with nickel and ceria particles in different ratios are investigated. It is shown that the introduction of highly dispersed nickel only slightly increases the activity of the Ni/YSZ electrode and does not affect the pathway of the hydrogen oxidation reaction. If a minor amount of ceria particles is introduced into the electrode, it significantly increases its activity and partially changes the reaction mechanism. The best performance is obtained for the electrode impregnated with an equal volume solution of nickel and cerium nitrates. The polarization resistance of such an electrode in wet hydrogen is about 0.05 and 0.17 Ohm cm2 at 850 and 600 °C, respectively, which is about 10 and 65 times lower compared to initial Ni/YSZ. Long-term tests of more than 1100 h in a wet hydrogen atmosphere at 700 °C showed satisfactory stability of polarization resistance of all investigated electrodes.