Fuel cells are a promising alternative to non-renewable energy production industries such as petroleum and natural gas. The cathodic oxygen reduction reaction (ORR), which makes fuel cell technology possible, is sluggish under normal conditions. Thus, catalysts must be used to allow fuel cells to operate efficiently. Traditionally, platinum (Pt) catalysts are often utilized as they exhibit a highly efficient ORR with low overpotential values. However, Pt is an expensive and precious metal, posing economic problems for commercialization. Herein, advances in carbon-based catalysts are reviewed for their application in ORRs due to their abundance and low-cost syntheses. Various synthetic methods from different renewable sources are presented, and their catalytic properties are compared. Likewise, the effects of heteroatom and non-precious metal doping, surface area, and porosity on their performance are investigated. Carbon-based support materials are discussed in relation to their physical properties and the subsequent effect on Pt ORR performance. Lastly, advances in fuel cell electrolytes for various fuel cell types are presented. This review aims to provide valuable insight into current challenges in fuel cell performance and how they can be overcome using carbon-based materials and next generation electrolytes.