Carbon black supported bimetallic palladium-yttrium (Pd-Y/C) catalysts with different Pd-Y ratios were prepared by chemical reduction and calcination treatment methods. Electrochemical characterization techniques, including cyclic voltammetry (CV), chronoamperometry (CA), and CO stripping were carried out to analyze the electrochemical performance of these catalysts for methanol oxidation in alkaline media. All the results show that the 20%Pd-5.0%Y/C catalyst has a higher catalytic activity than the 20%Pd/C catalyst, and the addition of Y also facilitates the oxidative removal of adsorbed CO. The promoting effect of Y is explained by a bifunctional mechanism.