To understand the formation process of the microstructure of the catalyst layer of a polymer electrolyte fuel cell (PEFC), we tried to observe the “real” structure of the catalyst ink by cryogenic scanning electron microscopy (cryo‐SEM). Catalyst inks with different water/alcohol compositions were successfully visualized, and they correlated well with the particle‐size distribution obtained by laser diffraction of the ink and the structures of the catalyst layers obtained by typical SEM. On the basis of other electrochemical characterization results, including current–voltage performance, oxygen reduction reaction kinetics, and mass‐transport properties, the microstructures of the catalyst inks and the catalyst layers were proposed. The proposed microstructures can explain the relationship between the catalyst materials and the performance of the cathode catalyst layer of the membrane electrode assembly through its formation and apparent properties. It was also found that the microstructure of the catalyst ink plays an important role in performance.