Bimetallic Pd−X (X = Ni, Co) nanoparticles on nitrogen-doped reduced graphene oxide (N-rGO) are fabricated through a thermal solid-state technique followed by polyol reduction to be used as anode electrocatalysts for direct sodium borohydride−hydrogen peroxide fuel cells. The physical characterization of synthesized materials is investigated using Fourier transform infrared spectroscopy, scanning electron microscopy, transmission electron microscopy, energy-dispersive X-ray spectroscopy, and X-ray diffraction. The results confirm the uniform distribution of nanoparticles on nitrogen-doped reduced graphene oxide with a size of 11−13 nm. The electrochemical half-cell tests are used to study their electrocatalytic properties toward borohydride oxidation in an alkaline solution. Although perfect performance is observed for both catalysts, Pd−Ni/N-rGO indicates a higher current density, better stability, more negative onset potential, lower activation energy, and smaller charge-transfer resistance than the other. Kinetic studies suggest a first-order reaction with 6.83 and 6.06 electrons exchanged during the borohydride oxidation reaction for Pd−Ni/N-rGO and Pd−Co/N-rGO electrocatalysts, respectively. Finally, a direct sodium borohydride−hydrogen peroxide fuel cell is assembled using Pt/C as a cathode and Pd−X (X = Ni, Co)/N-rGO as an anode. Maximum power density values of 353.84 and 275.35 mW cm −2 at 60 °C are obtained for Pd−Ni/N-rGO and Pd−Co/N-rGO, respectively.