This paper reviews over 120 papers regarding the effect of heat treatment on the catalytic activity and stability of proton exchange membrane (PEM) fuel cell catalysts. These catalysts include primarily unsupported and carbon-supported platinum (Pt), Pt alloys, non-Pt alloys, and transition metal macrocycles. The heat treatment can induce changes in catalyst properties such as particle size, morphology, dispersion of the metal on the support, alloying degree, active site formation, catalytic activity, and catalytic stability. The optimum heat-treatment temperature and time period are strongly dependent on the individual catalyst. With respect to Pt-based catalysts, heat treatment can induce particle-size growth, better alloying degree, and changes in the catalyst surface morphology from amorphous to more ordered states, all of which have a remarkable effect on oxygen reduction reaction (ORR) activity and stability. However, heat treatment of the catalyst carbon supports can also significantly affect the ORR catalytic activity of the supported catalyst. Regarding non-noble catalysts, in particular transition metal macrocycles, heat treatment is also important in ORR activity and stability improvement. In fact, heat treatment is a necessary step for introducing more active catalytic sites. For metal chalcogenide catalysts, it seems that heat treatment may not be necessary for catalytic activity and stability improvement. More research is necessary to improve our fundamental understanding and to develop a new strategy that includes innovative heat-treatment processes for enhancing fuel cell catalyst activity and stability. (C) 2007 Elsevier B.V. All rights reserved.