Pd core nanoparticles less than 5 nm in mean size were prepared on carbon black (CB) without any stabilizer by using palladium acetate as a precursor and CO as a reducing agent, and then used for preparing Pd core/Pt shell nanoparticles-loaded CB (Pt/Pd/CB). The mean size of Pd nanoparticles could be controlled by the concentration of palladium acetate and the CO bubbling time. The cyclic voltammograms of two Pd nanoparticles-loaded CB (Pd4.2/CB, Pd3.3/CB) electrodes whose mean size was 4.2 and 3.3 nm, respectively, had characteristics similar to a Pt electrode after the formation of a Pt monolayer shell, suggesting that the Pd core nanoparticles were almost covered with the Pt monolayer shell. The oxygen reduction reaction (ORR) on both Pt/Pd/CB proceeded in 4-electron reduction mechanism. Both Pt/Pd/CB electrodes was ca. 1.5 times higher in ORR activity per electrochemical surface area of Pt (specific activity, SA) than the commercial Pt nanoparticles-loaded CB (Tanaka Kikinzoku Kogyo, Pt/CB-TKK) electrode, and the Pt/Pd3.3/CB electrode had higher SA than the Pt/Pd4.2/CB electrode. The ORR activity per unit mass of Pt for both Pt/Pd/CB electrodes was 5.0 and 5.5 times as high as that for the Pt/CB-TKK electrode, respectively. The durability of both Pt/Pd/CB electrodes was comparable to that of Pt/CB-TKK.