A direct borohydride fuel cell (DBFC) is constructed using a cathode based on iron phthalocyanine (FePc) catalyst supported on active carbon (AC), and a AB5-type hydrogen storage alloy (MmNi3.55Co0.75Mn0.4Al0.3) was used as the anode catalyst. The electrochemical properties are investigated by cyclic voltammetry (CV), linear sweep voltammetry (LSV), etc. methods. The electrochemical experiments show that FePc-catalyzed cathode not only exhibits considerable electrocatalytic activity for oxygen reduction in the BH4 − solutions, but also the existence of BH4 − ions has almost no negative influences on the discharge performances of the air-breathing cathode. At the optimum conditions of 6M KOH+0.8M KBH4 and room temperature, the maximal power density of 92mWcm−2 is obtained for this cell with a discharge current density of 175mAcm−2 at a cell voltage of 0.53V. The new type alkaline fuel cell overcomes the problem of the conventional fuel cell in which both noble metal catalysts and expensive ion exchange membrane were used.