Hitherto, platinum (Pt) is the most active electrocatalyst for the oxygen reduction reaction (ORR) of the proton exchange membrane fuel cells (PEMFCs). Enhancing the performance and reducing the use of costly Pt is of great significance for the wider adoption of PEMFCs. The present research demonstrates in situ synthesized Pt nanocrystal immobilized with sub nanometer sized cobalt (Co) particles (≤ 0.3 nm) loaded on ketjenblack carbon (KB) support via a simple polyol method as a highly active ORR electrocatalyst. The as synthesized Pt4.1Co/KB catalyst featured a more positive halfwave potential of 0.925 V with a resultant of 1.8 times higher mass activity than Co free Pt/KB catalyst at 0.9 V in 0.1 M HClO4 and insignificant decay in ORR performance after 30,000 potential cycles. The excellent electrocatalytic performance of Pt4.1Co/KB has also been proven in a practical H2/air fuel cell, demonstrating a maximum peak power density of 1.08 W/cm2, comparable to the standard Pt/C-TKK (47 %) catalyst. The improved ORR performance of Pt4.1Co/KB is attributed to the incorporation of sub nanometer sized Co particles, which synergistically enhance the activity and stability. Computational studies using periodic density functional theory calculations also suggest that the integration of ultrafine Co nanoparticles shifted the Pt contribution to the density of states towards higher energy levels, thereby facilitating the ORR process for the Pt4.1Co/KB catalyst. This work provides a distinctive development of an efficient and robust ORR catalyst for advancing PEMFCs.