This paper presents a study of the platinum activity in the ORR in a hydrogen polymer electrolyte membrane fuel cell with electrodes containing multi-walled CNTs in a wide range of compositions and conditions. The data of the comparative analysis of the platinum activity on a fraction of Nafion in the electrode, the composition of the oxidizing agent (oxygen, air), pressure, and temperature are provided. The reasons for the dependence of the platinum surface activity on the component composition of the electrode are considered. Specific mass activity and surface activity of platinum in the ORR in MEA with the electrodes with CNTs depend on the ionomer/platinum ratio. Both dependences have a maximum at the level of the 25% Nafion fraction. The maximum appears as a result of an optimal structure formation, which ensures the fullest use of the platinum surface and minimal concentration overvoltages. Specific mass activity and surface activity of platinum for the sample with 34% CNTs at T = 60 °C and excessive pressure of p = 2 atm amount to 0.46 A/mg and 0.72 mA/cm2, respectively.