The introduction of noble metal Rh on a Pt surface significantly enhances the cleavage of C–C bonds. Rhodium possesses notable characteristics for C–C bond cleavage, thereby promoting the complete oxidation of ethanol. This research is focused on chemically synthesized nanoparticles of PtRh with three distinct bimetallic variations, supported on multiwalled carbon nanotube (MWCNT) in view of enhancing the electro-oxidation of ethanol. The crystallite size and structural and morphological characterization of the electrocatalysts reveal that MWCNT-supported PtRh electrocatalysts were effectively synthesized, in accordance with the characterization findings. It was determined that the electronic structure of Pt is modified after the incorporation of Rh into Pt-based electrocatalysts. The synthesized electrocatalysts underwent different types of electrochemical studies such as electrochemical impedance spectroscopy (EIS), chronoamperometry (CA), cyclic voltammetry (CV), and linear sweep voltammetry (LSV) in order to understand their catalytic activities during the electrooxidation reaction (EOR) of ethanol. This research aims to develop a structure and function relationship of the synthesized electrocatalyst for the EOR. It was found that the oxidation peak current efficiency was sufficiently higher as well as the minimum onset potential was notably lower for the C/Pt50Rh50 electrocatalyst compared to others. Also, it has low charge transfer resistance and low poisoning rate for ethanol oxidation. Thus, the synthesis and rational design of active nanoalloy electrocatalysts for direct ethanol fuel cells (DEFCs) can enhance electrochemical activities.