Supported platinum electrocatalysts are generally used in low temperature fuel cells to enhance the rates of the hydrogen oxidation and oxygen reduction reactions. In such catalysts, the high surface to volume ratios of the platinum particles maximize the area of the surfaces available for reaction. It is the structure and proper dispersal of these platinum particles that make low-loading catalysts feasible for fuel cell operation, lowering the cost of the system. If the platinum particles cannot maintain their structure over the lifetime of the fuel cell, change in the morphology of the catalyst layer from the initial state will result in a loss of electrochemical activity. This loss of activity in the platinum/carbon catalysts due to the agglomeration of platinum particles is considered to be a major cause of the decrease in cell performance, especially in the case of the cathode. In the light of the latest advances on this field, this paper reviews the preparation methods of these catalysts, their microstructural characteristic and their effect on both thermal and in cell conditions stability.