Fuel cells are expected to be one of the major clean new energy sources in the near future. However, the slow kinetics of electrocatalytic hydrogen oxidation reaction (HOR) and oxygen reduction reaction (ORR), and the high loading of Pt for the anode and cathode material are the urgent issues to be addressed since they determine the efficiency and the cost of this energy source. In this review paper, a new approach was developed for designing electrocatalysts for the HOR and ORR in fuel cells. It was found that the electronic properties of Pt could be fine-tuned by the electronic and geometric effects introduced by the substrate alloy metal and the lateral effects of the neighboring metal atoms. The role of substrate was found reflected in a volcano plot for the HOR and ORR as a function of their calculated d-band centers. This paper demonstrated a viable way to designing the electrocatalysts which could successfully alleviate two issue facing the commercializing of the fuel cell-the cost of electrocatalysts and their efficiency.