Thin film electrocatalyst layers with various PTFE and Nation contents for unitized regenerative polymer electrolyte fuel cells (URFCs) were prepared by the paste method and the performance as URFC electrodes was examined. Comparing the terminal voltage versus current density curves of the URFC, it was found that the PTFE content in the electrocatalyst layer affected only the fuel cell performance; the electrode containing 5-7 wt.% PTFE was appropriate for the URFC. The Nafion content in the electrode affected both the fuel cell and water electrolysis performance: the electrode containing 7-9 wt.% Nation showed good performance. The addition of a small amount of iridium catalyst (about 10 at.%) to the oxygen electrode layer significantly improved the URFC performance. Catalyst loadings can be reduced to <1/3 by using the electrode prepared by the paste method compared to the conventional one without degrading the URFC performance.