Polymer electrolyte membrane fuel cells, which convert the chemical reaction energy of hydrogen into electric power directly, are a type of eco-friendly power for future vehicles. Due to the sluggish oxygen reduction reaction and costly Pt catalyst in the cathode, the research related to the replacement of Pt-based catalysts has been vitally carried out. In this case, however, the performance is significantly different from each other and a variety of factors have existed. In this review paper, we rearrange and summarize relevant papers published within 5 years approximately. The selection of precursors, synthesis method, and co-catalyst are represented as a core factor, while the necessity of research for the further enhancement of activity may be raised. It can be anticipated to contribute to the replacement of precious metal catalysts in the various fields of study. The final objective of the future research is depicted in detail.