NOVELTY - Ultra low palladium platinum core-shell fuel cell catalyst comprises carrier, active component of palladium platinum metal complex, a core, and a shell. The amount of palladium and platinum base on the total mass of the catalyst is 1-5%.    USE - Used as ultra low palladium platinum core-shell fuel cell catalyst.    ADVANTAGE - The method is environmentally friendly and is simple; carries out multiple steps at normal temperature and normal pressure; and utilizes low cost raw materials.    DETAILED DESCRIPTION - Ultra low palladium platinum core-shell fuel cell catalyst comprises carrier, an active component of palladium platinum metal complex having a formula (PdM1PtM2), a core of formula PdM1, and a shell of formula PtM2. The amount of palladium and platinum base on the total mass of the catalyst is 1-5%.    M1, M2 = Fe, Cu, Co and/or Ni.    . An INDEPENDENT CLAIM is also included for preparing the catalyst, comprising (a) dispersing carrier in ethanol solution (3 times the weight of carrier) for 3 hours, filtering, washing with water (5 times), dispersing in an acid solution for 1-12 hours, adding a reducing agent, treating for 0.5-12 hours, filtering and washing with water and drying, (b) preparing the core, dispersing the carrier in deionized water having an electrical conductivity of less than or equal to 1 mu s/cm, adding an organic dispersion protective agent, ultrasonically dispersing, adding a salt mixture of palladium and metal (M1) into a solvent, ultrasonically dispersing, adjusting the pH to 9-11 with an alkali, reacting for 1-24 hours, adding a reducing agent, reacting for 4-24 hours, washing until there is no chlorine ion to obtain PdM/carrier, (c) adding ethylene glycol solution, adding organic dispersion protective agent, adding a salt mixture of platinum and metal (M2) into a solvent, ultrasonically dispersing, adding alkali to adjust the pH value to 9-11, reacting for 1-24 hours, transferring into a kettle at 90-120 degrees C for 2-24 hours, washing until there is no chlorine ions, and vacuum drying at 60-80 degrees C.