Magnesium-dissolved oxygen seawater batteries have open structures and flow seawater as electrolytes. These two features attract much attention. The cathode electrode is one of the key components that affect the performance of seawater batteries. In this study, seawater batteries with carbon cathodes made from three commercial carbons were investigated and discussed. The porous structure of the cathode was adjusted by changing the mass ratio between polytetrafluoroethylene (PTFE) and carbon materials. The binder ratios range from 10% to 50%. The structure of the different porous carbon cathodes was characterized, and the discharging performance was analyzed. Results showed that the number of pores with diameters of 2–10 nm decreased as the PTFE ratio increased. Meanwhile, as the PTFE ratio increased from 10% to 50%, the seawater battery discharging voltage and capacity were first inhibited when the PTFE ratio was less than 20% but then promoted. It revealed that a balance should be achieved between the number of reaction sites and the paths for oxygen transfer. Moreover, the oxygen transfer in the porous electrode is more important for batteries working in seawater. This study practically investigates seawater batteries with various PTFE binder ratios and provides a reference for the design of magnesium-dissolved oxygen seawater batteries.