The development of efficient and stable Pt‐based catalysts is significant but challenging for fuel cells. Herein, Sn and Co elements are introduced into Pt to form PtCo‐PtSn/C heterostructure for enhancing the oxygen reduction reaction (ORR). Electrochemical results indicate that it has remarkable ORR intrinsic activity with a high mass activity (1,158 mA mg–1 Pt) at 0.9 V in HClO4 solution, which is 2.18‐, 6.81‐, and 9.98‐fold higher than that of PtCo/C, PtSn/C, and Pt/C. More importantly, the catalytic activity attenuation for PtCo‐PtSn/C is only 27.4% after 30 000 potential cycles, showing high stability. Furthermore, theoretical calculations reveal that the enhancement is attributed to charge transfer and the unique structure of PtCo‐PtSn/C heterostructure, which regulate the d‐band center of Pt and prevent non‐noble metals from further dissolution. This work thus opens a way to design and prepare highly efficient Pt‐based alloy catalysts for proton exchange membrane fuel cells.