In this study, Ag-MnxOy/C composite catalysts deposited on reduced graphene oxide (rGO) and, for the first time on N-doped graphene oxide (NGO), were prepared via a facile synthesis method. The influence of the carbon support material on the activity and stability of the oxygen reduction reaction (ORR) and on the tolerance to ethanol in alkaline medium was focused and investigated. The physicochemical properties of the Ag-MnxOy/C catalysts were analyzed by X-ray diffraction (XRD), scanning electron microscopy with energy dispersive X-ray spectroscopy (SEM-EDS), Brunauer–Emmett–Teller (BET) method, atomic absorption spectroscopy (AAS), inductively coupled plasma-mass spectrometry (ICP-MS), and thermogravimetric gas analysis (TGA). Electrochemical characterization was performed by rotating disk electrode (RDE) experiments. The results show that the active manganese species MnO2 was assembled as nanorods and nanospheres on rGO and NGO, respectively. Ag was assumed to be present as very small or amorphous particles. Similar redox processes for Ag-MnxOy/rGO and Ag-MnxOy/NGO were examined via cyclic voltammetry. The Ag-MnxOy/rGO resulted in a more negative diffusion limiting current density of −3.01 mA cm−2 compared to Ag-MnxOy/NGO. The onset potential of approximately 0.9 V vs. RHE and the favored 4-electron transfer pathway were independent of the support material. Ag-MnxOy/NGO exhibited a higher ORR stability, whereas Ag-MnxOy/rGO showed a better ethanol tolerance.