Platinum−yttrium alloys are considered promising candidates to satisfy the challenging requirements for the cathodic oxygen reduction reaction (ORR) in proton exchange membrane fuel cells (PEMFCs). Nevertheless, the practical structure−activitystability trends of these electrocatalysts in the form of carbonsupported nanostructures are poorly understood, especially under the operating conditions. Herein, the properties of carbonsupported Pt x Y nanoalloys were explored during the electrochemical ORR environment, following the atomic-scale degradation steps that the nanoalloys experience during operation. Our results reveal that Pt x Y/C nanoalloys undergo considerable structural modification during the early stage of electrochemical cycling. Moreover, operando techniques identify that, during accelerated stress testing under O 2 atmosphere, the majority of nanoalloy degradation occurs during the initial 1000 electrochemical cycles, and is accompanied by a diminished ORR performance. The observed operando structure−activity-stability trends guide further optimization routes for carbon-supported Pt−Y nanoalloys as PEMFC cathode electrocatalysts.