This report shows the synthesis of a new family of “core-shell” carbon nitride (CN)-based electrocatalysts (ECs) for the oxygen reduction reaction (ORR) in acid medium. The ECs comprise “cores” of carbon black nanoparticles (NPs) that are covered by a CN “shell” embedding the active sites. The latter include Pt as the “active metal” and Co as the “co-catalyst.” The interplay between the synthesis parameters, the chemical composition, and the ORR performance of the final ECs is elucidated. In particular, the ORR performance and reaction mechanism are studied both in an: (i) “ex-situ” setup, by means of cyclic voltammetry with thin-film rotating ring-disk electrode (CV-TF-RRDE) measurements; and (ii) “in-situ” experiment, i.e., in single proton exchange membrane fuel cells (PEMFCs) tested under operating conditions. A structural hypothesis is proposed that explains both the “ex situ” and the “in situ” ORR results on the basis of: (i) the relative amounts of the reactants used in the precursor synthesis; and (ii) the main temperature of the pyrolysis process (Tf) adopted in the preparation of the ECs. It is shown that the understanding of the fundamental features of the physicochemical processes involved in the preparation of the ECs is crucial in order to improve the proposed synthesis route and to yield ORR ECs exhibiting a performance level beyond the state of the art.