In this study, a low-cost and high performance catalyst with core-shell structure of PdCu@PtRu/C for methanol oxidation is prepared by a two-step replacement reaction. Transmission electron microscopy (TEM) and X-ray diffraction (XRD) examinations show that the composite catalyst particles distribution is quite homogeneous and has a high surface area. The Pt mass activity of this catalyst is about 15 and 3.4 times as large as those of the Pt/C and PtRu/C catalysts, respectively. High electrocatalytic activities could be attributed to the synergistic effect between PtRu and PdCu. (C) 2009 Elsevier B.V. All rights reserved.