Ethanol is, proposed as alternative fuel for the indirect internal reformer of molten carbonate fuel cells (IIR-MCFCs). At MCFCs, working conditions (T = 923 K and P = 1 bar), both Rh- and Co-based catalysts have been tested using diluted ethanol/water mixture. The steam/ carbon ratio of the feed was selected close to 4.2 mol/mol, in the aim to simulate the composition of ethanol/water mixture produced from biomasses. A good performance on Rh-based catalysts was reached for a sample containing 5 wt.% of Rh on Al2O3, while Co-based catalysts were suitable only for higher loading of active phase (i.e. 20 wt.%). The supports influence has been also investigated as well as different behavior was been found as a function of their nature. In fact, while Rh (5 wt.%) doped Al2O3 seems to be stable and active catalyst, the Co (20 wt.%)/Al2O3 decays in short time because of coke deposition. The MgO represents a more suitable support for Co catalyst because of its lower acidity with respect to Al2O3 Samples of Co (20 wt.%)/MgO catalysts have been found more stable than Co/Al2O3 (low coke formation) and reached performance levels comparable to that of Rh/Al2O3. Although Co/MgO required higher contact times than Rh/Al2O3, to be used in IIR-MCFCs, it represents an interesting and cheaper alternative to noble metal (Rh).