Despite progress in small scale electrocatalytic production of hydrogen peroxide (H 2 O 2) using a rotating ring-disk electrode, further work is needed to develop a non-toxic, selective, and stable O 2-to-H 2 O 2 electrocatalyst for realizing continuous on-site production of neutral hydrogen peroxide. We report ultrasmall and monodisperse colloidal PtP 2 nanocrystals that achieve H 2 O 2 production at near zero-overpotential with near unity H 2 O 2 selectivity at 0.27 V vs. RHE. Density functional theory calculations indicate that P promotes hydrogenation of OOH* to H 2 O 2 by weakening the Pt-OOH* bond and suppressing the dissociative OOH* to O* pathway. Atomic layer deposition of Al 2 O 3 prevents NC aggregation and enables application in a polymer electrolyte membrane fuel cell (PEMFC) with a maximum r(H 2 O 2) of 2.26 mmol h −1 cm −2 and a current efficiency of 78.8% even at a high current density of 150 mA cm −2. Catalyst stability enables an accumulated neutral H 2 O 2 concentration in 600 mL of 3.0 wt% (pH = 6.6).