With the aim to pursue novel high-performance electrocatalysts for fuel cell, a simple synthesis strategy, which consists of hydrothermal reaction followed by solid state reduction by H2, is developed to prepare a series of PtxFe100-x/N-doped graphene nanocomposites with controllable Pt:Fe compositions. The morphology, microstructure, and composition of the samples are systematically characterized with transmission electron microscope, scanning electron microscope, energy dispersive spectroscopy, powder X-ray diffraction, X-ray photoelectron spectroscopy and Raman spectroscopy. The effects of nitrogen doping and alloying with Fe, as well as their synergistic interaction, on the improvement of catalytic performance are well revealed using the present samples as catalysts for formic acid electrooxidation. Additionally, the composition sensitive catalytic activity and stability of these catalysts for formic acid electrooxidation are probed and the optimum Pt:Fe ratio is presented. The optimum sample possesses both the enhanced electrochemical performances and the reduced dosage of noble metal, making it a promising candidate for fuel cell applications.