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The development of commercially viable fuel cells and metal‐air batteries requires effective and cheap bifunctional catalysts for the oxygen reduction reaction (ORR) and the oxygen evolution reaction (OER). Multi‐component Pt−Fe−Co−Ni nanoparticles on multi‐walled carbon nanotubes (MWCNTs) were synthesized by wet chemistry route via NaBH₄ reduction of metal salts, followed by sintering at different temperatures. The catalyst demonstrates an excellent ORR activity and a promising OER activity in 0.1 m KOH, with a bi‐functional over‐potential, ΔE of 0.83 V, which is comparable to the values of Pt/C or RuO₂. Furthermore, it shows outstanding long‐term stability in ORR and OER, namely diffusion limited current density at a potential of 0.3 V decreased just by 5.5 % after 10000 cycles in ORR. The results of the PFCN@NT³⁰⁰ indicate a significant effect of the substitution of Pt by the transition metal (TM) and the formation of nanoparticles on the catalytic performance, especially in the OER.