Carbon-supported bimetallic PdAg catalysts with Pd/Ag atomic ratios varying from 4/1 to 1/2 were prepared by an impregnation–reduction method. The impregnated black mixture was treated in H 2/N 2 atmosphere at a temperature varying from 180 to 500 °C. The obtained Pd x Ag y /C catalysts were characterized by X-ray diffraction (XRD), transmission electron microscopy (TEM), cyclic voltammetry (CV) and chronoamperometry (CA). XRD results show that the lattice constant of Pd is dilated, suggesting the formation of PdAg alloy. The lattice constant of Pd for the Pd x Ag y /C-500 (reduced at 500 °C by H 2) increases linearly and the average metal particle size decreases slightly from 6.8 to 5.1 nm with increasing Ag fractions from 20% to 67% in the PdAg composition. For Pd x Ag y /C catalysts with a certain specific Pd/Ag atomic ratio, e.g., Pd 2Ag 1/C, the dilated lattice constant of Pd is independent of the reducing temperature, indicating the alloy degree for the Pd 2Ag 1/C- t catalysts is comparable. The average metal particle size for the Pd 2Ag 1/C- t catalysts increases from 3.4 to 5.2 nm with H 2 reduction temperature increasing from 180 to 500 °C. The potentiodynamic measurements on ethanol electrooxidation reaction (EOR) show that the catalytic activities for the Pd x Ag y /C- t catalysts toward the EOR are improved by alloying Pd with Ag. At typical potential of a working fuel cell, e.g., −0.4 V vs. Hg/HgO, the EOR current density presents a volcano shape as a function of the Ag fractions in PdAg with the maximum occurs at the Pd/Ag atomic ratios between 2/1 and 3/1. The CA tests show that the Pd x Ag y /C-500 catalysts perform high stability than that of Pd/C-500. The improved EOR activity for the Pd x Ag y /C- t catalysts, compared with whether Pd/C or Ag/C catalyst, may possibly be attributed to the formation of PdAg alloy and the fitted particle size.