In this study the oxygen reduction reaction (ORR) activity of Pt/C, Pt3Co/C and PtCo/C electrocatalysts supported on high surface area carbon (Vulcan XC-72) was correlated to their structural, morphological and compositional changes experienced after accelerated aging tests. The electrolytes were sulfuric acid at several concentrations and Nafion® ionomer membrane. These tests are based on different protocols that consisted of stepping the potential or keeping the electrode polarized at fixed potentials. The protocols which used steps consisted of stepping the potential during 1 minute for 15 hours overall successively between 0.9 and 0.1 V vs. ERH, 0.9 and 0.6 V vs. ERH, 1.05 and 0.10 V vs. ERH and 1.05 and 0.65 V vs. ERH. For the aging at fixed polarization (15 hours), the following potentials were used: 0.9, 0.6 and 0.1 V vs. ERH. After the 0.9 – 0.1 V vs. ERH aging in aqueous acidic solution, the Pt-Co/C catalysts showed no changes in the activity, while for Pt/C an improvement was seen. However for 1.05 – 0.10 V vs. ERH for Pt/C there was also an improvement while for the other catalysts there was a decrease of the activity. For all other protocols, a loss in activity was observed for all catalysts. Transmission electron microscopy (TEM) coupled with X-ray energy dispersive spectroscopy (X-EDS) analyses were used to characterize the as received and aged catalysts. A particularity of this work is the use of identical location transmission electron microscopy (ILTEM) technique, with the objective of analyzing the same electrode regions or particles before and after the accelerated ageing processes, so that it was possible to follow all the morphological, structural and compositional changes caused by the catalyst aging processes. The catalysts were compared before and after aging regarding the mean particle size, shape, particle density and composition and correlating these with the catalytic activity. Generally it was observed that the degradation correspond to carbon corrosion, coalescence, dissolution and re-precipitation of the catalyst particles for all aging protocols. The Pt/C catalyst, for example, for which an increase of particle mean size without any negative effect of agglomeration was observed, presented an improvement of the catalytic activity, while Pt-Co/C, in spite of the increase of the mean particle size and cobalt dissolution, presented worse or at most the same activity as that of the uncycled materials. Finally, the degradation mechanisms of the electrocatalysts aged in dry electrochemical environment using a Nafion® 115 membrane as polymer electrolyte were characterized by Identical Location Transmission Electron Microscopy, in conditions that perfectly mimic real PEMFC operation. The structural, morphological and compositional changes of the nanoparticles occurring during an accelerated stress test were bridged to changes of their intrinsic kinetics towards the oxygen reduction reaction in Nafion® 115 electrolyte, thanks to an ultramicroelectrode with cavity loaded with the catalyst. The unique setup used herein further enabled to compare the Nafion® environment with conventional liquid electrolyte in which accelerated stress tests are usually performed. Although the nanoparticles are modified upon ageing at Nafion® interface, the degradation processes are milder and different than those observed in liquid electrolyte, mostly following the absence of liquid water and the lack of ion mobility within the Nafion® membrane.