Carbon supported gold-iridium composite (AuIr/C) was synthesized by a facile one-step process and was investigated as the bifunctional catalyst for oxygen reduction reaction (ORR) and oxygen evolution reaction (OER). The physical properties of the AuIr/C composite were characterized by transmission electron microscopy (TEM), X-ray diffraction (XRD) and X-ray photoelectron spectroscopy (XPS). Although the Au and Ir in the AuIr/C did not form alloy, it is clear that the introduction of Ir decreases the average Au particle size to 4.2nm compared to that in the Au/C (10.1nm). By systematical analysis on chemical state of metal surface via XPS and the electrochemical results, it was found that the Au surface for the Au/C can be activated by potential cycling from 0.12V to 1.72V, resulting in the increased surface roughness of Au, thus improving the ORR activity. By the same potential cycling, the Ir surface of the Ir/C was irreversibly oxidized, leading to degraded ORR activity but uninfluenced OER activity. For the AuIr/C, Ir protects Au against being oxidized due to the lower electronegativity of Ir. Combining the advantages of Au and Ir in catalyzing ORR and OER, the AuIr/C catalyst displays an enhanced catalytic activity to the ORR and a comparable OER activity. In the 50-cycle accelerated aging test for the ORR and OER, the AuIr/C displayed a satisfied stability, suggesting that the AuIr/C catalyst is a potential bifunctional catalyst for the oxygen electrode.