A mathematical model of a hydrogen–oxygen (air) fuel cell that takes into account the phenomena of degradation of the cathodic platinum catalyst is presented. For potential cycling from 0.6 to 1.1 V with a scan rate of 0.1 V/s, depending on the platinum loadings, the following factors are found to prevail in the mechanism of electroactive surface degradation: the coalescence of platinum nanoparticles at large loadings and the platinum dissolution/redeposition and diffusion to the membrane at medium and low loadings. Based on mathematical simulation, the data on the discharge curves are calculated. The observed decrease in the discharge characteristics is attributed to the degradation of the catalyst active surface and the increased transport losses during accelerated stress testing.