The performances of direct ethanol fuel cells with different anode catalysts, different ethanol concentrations, and at different operating temperatures have been studied. The performance losses of the cell have been separated into individual electrode performance losses with the aid of a reference electrode, ethanol crossover has been quantified, and CO2 and acetic acid production have been measured by titration. It has been shown that the cell performance strongly depends on the anode catalyst, ethanol concentration, and operating temperature. It was found that the cathode and anode exhibit different dependences on ethanol concentration and operating temperature. The performance of the cathode is very sensitive to the rate of ethanol crossover. Product analysis provides insights into the mechanisms of electro-oxidation of ethanol.