In proton exchange membrane fuel cells, platinum (Pt) has been the dominant choice for both the cathode and the anode catalysts. The high Pt content and high associated costs particularly at the cathode, and sluggish oxygen reduction reaction (ORR) kinetics and poor stability, remain a challenge. Pt monolayer (ML) catalysts offer a distinctively reduced Pt content while providing considerable possibilities for enhancing their catalytic activity and stability for the ORR. Here, we first review the achievement in active and stable Pt ML on palladium (Pd) nanoparticle catalysts for the ORR. We then describe the mechanisms that rationalize their high activity and durability. Recently, we developed several novel nanostructured cores to further improve the ORR activity and stability by optimizing their surface orientation, composition, and morphology. The results from the Pt ML catalysts significantly impact the research of electrocatalysis and fuel-cell technology, as they demonstrate an exceptionally effective way of design and syntheses of catalysts.