An efficient ORR/OER catalyst was developed by anchoring highly dispersed bimetallic PdM (M = Fe, Co, Ni) alloy nanoparticles on nitrogen-doped reduced graphene oxide (N-rGO). This new type of catalyst exhibited excellent ORR/OER activity, and the addition of transition metals also significantly improved catalytic stability, with the catalyst containing Fe (PdFe/N-rGO) exhibiting the best stability. A battery using this PdFe/N-rGO catalyst was capable of long-term stable cycling for 400 cycles (2000 h) with a limited capacity of 1000 mAh g−1 at 400 mA g−1, which was much longer than a battery with Pd/N-rGO as the catalyst (only 80 cycles, 400 h). We attribute the high performance of these catalysts to the high surface area of N-rGO, the anchoring of highly dispersed Pd alloy nanoparticles, and the prevention of Pd alloy nanoparticle aggregation and dissolution by the presence of the transition metals.