Based on the irreversible model of a PEM fuel cell working at steady state, expressions for the power output, efficiency and entropy production rate of the PEM fuel cell are analytically derived by using the theory of electrochemistry and non-equilibrium thermodynamics. The effects of multi-irreversibilities resulting from electrochemical reaction, heat transfer and electrical resistance on the key parameters of the PEM fuel cell are analyzed. The curves of the power output, efficiency and entropy production rate of the PEM fuel cell varying with the electric current density are represented through numerical calculation. The general performance characteristics of the PEM fuel cell are revealed and the optimum criteria of the main performance parameters are determined. Moreover, the optimal matching condition of the load resistance is obtained from the relations between the load resistance and the power output and efficiency. The effects of the leakage resistance on the performance of the PEM fuel cell are expounded and the optimally operating states of the PEM fuel cell are further discussed. (C) 2010 Elsevier Ltd. All rights reserved.