The electrochemical characteristics of Ag catalyst impregnated on carbon black for oxygen electrode in alkaline fuel cell were studied. The electrode containing 30w/o silver showed the best current density and it was equivalent to the value of Pt catalyst. To improve its performance, Ag was bimetallized with Ba, Mg, Zn by sintering and the alloy state was confirmed by XRD. When the atomic content of Ag-Mg alloy was 3 : 1, the highest current density at the oxygen electrode was confirmed.