This invention relates to novel electrodes and a method of preparation thereof for use in electrochemical cells. The novel electrodes contain a combination of electrocatalysts deposited on a metal substrate.The electrocatalysts are deposited from a homogeneous solution of the compounds of (a) at least one metal selected from iron, cobalt, manganese and nickel, (b) at least one metal selected from molybdenum, vanadium and tungsten, and (c) at least one rare earth metal of the lanthanide group having an atomic number of 57-71 inclusive, the metal compounds are decomposed to the oxides and the oxide coated substrate cured at elevated temperature in a reducing atmosphere. The electrodes thus produced can be used as an anode or as a cathode in fuel cells and in cells for the electrolysis of water or brines.