AbstractProton exchange membrane fuel cell (PEMFC) is one of the most promising energy conversion devices with high efficiency and zero emission. However, oxygen reduction reaction (ORR) at the cathode is still the dominant limiting factor for the practical development of PEMFC due to its sluggish kinetics and the vulnerability of ORR catalysts under harsh operating conditions. Thus, the development of high‐performance ORR catalysts is essential and requires a better understanding of the underlying ORR mechanism and the failure mechanisms of ORR catalysts with in situ characterization techniques. This review starts with the introduction of in situ techniques that have been used in the research of the ORR processes, including the principle of the techniques, the design of the in situ cells, and the application of the techniques. Then the in situ studies of the ORR mechanism as well as the failure mechanisms of ORR catalysts in terms of Pt nanoparticle degradation, Pt oxidation, and poisoning by air contaminants are elaborated. Furthermore, the development of high‐performance ORR catalysts with high activity, anti‐oxidation ability, and toxic‐resistance guided by the aforementioned mechanisms and other in situ studies are outlined. Finally, the prospects and challenges for in situ studies of ORR in the future are proposed.