Comprehensive studies of the ethanol oxidation reaction (EOR) have shown high interest in fuel cell technologies. As anode catalysts, introducing platinum group metal (PGM) free catalyst is promising for higher catalytic activity towards the EOR, as these are cost-effective, pollution-tolerant, and suitable for sustainable energy conversion. In this investigation, multi walled carbon nanotube (MWCNT) supported PGM-free electrocatalysts are synthesized by the impregnation reduction method. The atomic structure, composition, and morphology of nanoalloy catalysts are discovered through X-ray diffraction (XRD), Raman spectroscopy and fouriertransform infrared (FTIR) spectroscopy techniques. Electrochemical behaviours have been analysed by cyclic voltammetry (CV), linear sweep voltammetry (LSV), Chronoamperometry (CA), and electrochemical impedance spectroscopy (EIS), which reveal the oxidation kinetics of ethanol in an alkaline medium on the surface of the catalyst. The structure-activity relationship is a portrait of all the physical and electrochemical analyses that assists in exploring the active site of the surface, which facilitates electrooxidation activity. The C/ Fe50Co50 catalyst exhibits higher catalytic efficiency and promotes CO removal through a bifunctional mechanism and electronic effect.