Abstract A new generation of highly efficient and non-polluting energy conversion and storage systems is vital to meeting the challenges of global warming and the finite reality of fossil fuels. In this work, nanosized Pt/IrO2 electrocatalysts are synthesized and investigated for the oxygen evolution and reduction reactions in unitized regenerative fuel cells (URFCs). The catalysts are prepared by decorating Pt nanoparticles (2–10 nm) onto the surface of a nanophase IrO2 (7 nm) support using an ultrasonic polyol method. The synthesis procedure allows deposition of metallic Pt nanoparticles on Ir-oxide without causing any occurrence of metallic Ir. The latter is significantly less active for oxygen evolution than the corresponding oxide. This process represents an important progress with respect to the state of the art in this field being the oxygen electrocatalyst generally obtained by mechanical mixing of Pt and IrO2. The nanosized Pt/IrO2 (50:50 wt.%) is sprayed onto a Nafion 115 membrane and used as dual function oxygen electrode, whereas 30 wt.% Pt/C is used as dual function hydrogen electrode in the URFC. Electrochemical activity of the membrane-electrode assembly (MEA) is investigated in a single cell at room temperature and atmospheric pressure both under electrolysis and fuel cell mode to assess the perspectives of the URFC to operate as energy storage device in conjunction with renewable power sources.