High alloyed Pd-Au/C catalyst is prepared through a rate-limiting strategy in water/ethylene glycol solution. Pd/C and low alloyed Pd-Au/C catalysts are prepared with trisodium citrate and sodium borohydride as stabilizing and reducing agents, respectively. Transmission electron microscopy (TEM) shows that the synthesized Pd(Au) particles are well dispersed on the catalysts. X-ray diffraction (XRD) and X-ray photoelectron spectroscopy (XPS) show that the high alloyed Pd-Au/C catalyst presents a relatively homogenous structure while the low alloyed Pd-Au/C catalyst presents a Pd-rich shell/Au-rich core structure. Electrochemical characterization shows that the low alloyed Pd-Au/C catalyst exhibits the best catalytic activity for ethanol oxidation reaction (EOR) in alkaline media, which could be attributed to its relatively large exposed Pd surface area as compared with the high alloyed Pd-Au/C catalyst due to its Pd-rich shell structure and its enhanced adsorption of OHads as compared with Pd/C catalyst due to its core-shell structure. (C) 2014 Elsevier Ltd. All rights reserved.