Fuel cells are a key enabling technology for the future economy, thereby providing power to portable, stationary, and transportation applications, which can be considered an important contributor towards reducing the high dependencies on fossil fuels. Electrocatalyst plays a vital role in improving the performance of the low temperature fuel cells. Noble metals (Pt, Pd) supported on carbon have shown promising performance owing to their high catalytic activity for both electroreduction and electrooxidation and have good stability. Catalyst preparation by electrodeposition is considered to be simple in terms of operation and scalability with relatively low cost to obtain high purity metal deposits. This review emphasises the role of electrodeposition as a cost-effective method for synthesising fuel cell catalysts, summarising the progress in the electrodeposited Pt and Pd catalysts for direct liquid fuel cells (DLFCs). Moreover, this review also discusses the technological advances made utilising these catalysts in the past three decades, and the factors that impede the technological advancement of the electrodeposition process are presented. The challenges and the fundamental research strategies needed to achieve the commercial potential of electrodeposition as an economical, efficient methodology for synthesising fuel cells catalysts are outlined with the necessary raw materials considering current and future savings scenario.