With the deterioration of the ecological environment and the depletion of fossil energy, fuel cells, representing a new generation of clean energy, have received widespread attention. This review summarized recent progress in noble metal-based core–shell catalysts for oxygen reduction reactions (ORRs) in proton exchange membrane fuel cells (PEMFCs). The novel testing methods, performance evaluation parameters and research methods of ORR were briefly introduced. The effects of the preparation method, temperature, kinds of doping elements and the number of shell layers on the ORR performances of noble metal-based core–shell catalysts were highlighted. The difficulties of mass production and the high cost of noble metal-based core–shell nanostructured ORR catalysts were also summarized. Thus, in order to promote the commercialization of noble metal-based core–shell catalysts, research directions and prospects on the further development of high performance ORR catalysts with simple synthesis and low cost are presented.