The effect of various excess oxygen gas flows at the cathode of a direct ethanol fuel cell (DEFC) was investigated with respect to the reaction products/intermediates. The output current increased with the excess oxygen gas flow. For each oxygen flow, the acetic acid concentration at anode was 5 times higher than the acetaldehyde concentration; therefore, acetaldehyde is readily oxidized to acetic acid or acetic acid is formed directly. This suggests that the output current is mainly dependent on the amount of acetic acid produced. The maximum concentration of acetaldehyde with each output current was almost proportional to that of acetic acid for each oxygen flow condition. The effect of cerium oxide addition to the cathode as another oxygen source to enhance performance was also examined. After an excess oxygen gas flow of 0.6 L/min was stopped, the output current increased for approximately 2 minutes, after which the cerium oxide re-absorbed oxygen to attain equilibrium, which was accompanied by a decrease in the output current until it returned to the same level as that with the excess oxygen gas flow. Thus, the addition of cerium oxide to the cathode enhances oxygen supply for cathodic reactions with a corresponding increase in output current.