Exsolution of transition metals in perovskites is a potential way to improve the catalytic activity of fuel cell anode materials. In this work, the double-perovskite anodes PR-NdBaFe 2−x Co x O 5+δ (x = 0.1, 0.2; PR-NBFC10, PR-NBFC20) with the exsolved Co 0.72 Fe 0.28 metal alloy nanoparticles were obtained by heat treatment in 5% H 2 /Ar post-reduction at 850 °C. The exsolved Co−Fe alloy nanoparticle catalyst uniformly distributed on the surface of the cobalt-doped PR-NBFC10 and PR-NBFC20 ceramic anodes facilitates the catalytic activity compared with the undoped PR-NdBaFe 2−x Co x O 5+δ (x = 0; PR-NBFC0) anode. The maximum power density of single cells with PR-NBFC0, PR-NBFC10, and PR-NBFC20 anodes supported by a 200 μm thick La 0.9 Sr 0.1 Ga 0.8 Mg 0.2 O 3−δ electrolyte at 850 °C in wet H 2 reached 842, 1110, and 1247 mW cm −2 , respectively. In addition, PR-NBFC0, PR-NBFC10, and PR-NBFC20 exhibit relatively stable output power in a wet CH 4 fuel within 100 h of operation. Since the exsolved Co−Fe alloy nanoparticles have an embedded structure, they exhibit impressive anticoking properties, which greatly expand their application. The PR-NBFC double perovskite containing Co−Fe alloy nanoparticles offers possibilities for finding promising high-catalytic-activity and high-stability anodes for solid oxide fuel cells.