Abstract: This account article treats with the key structural transformations and kinetics of Pt nanoparticles in Pt/C cathode catalysts under transient voltage operations (0.4 VRHE→1.4 VRHE→0.4 VRHE) by simultaneous operando time-resolved QXAFS–XRD measurements, summarizing and analyzing our previous kinetic data in more detail and discussing on the key reaction steps and rate constants for the performance and durability of polymer electrolyte fuel cells (PEFC). The time-resolved QXAFS–XRD measurements were conducted at each acquisition time of 20 ms, while measuring the current/charge of the PEFC. The rate constants for the transient responses of Pt valence, CN(Pt–O) (CN: coordination number), CN(Pt–Pt), and Pt metallic-phase core size under the transient voltage operations were determined by the combined time-resolved QXAFS‒XRD technique. The relationship of the structural kinetics with the performance and durability of the PEFC Pt/C was also documented as key issues for the development of next-generation PEFCs. The present account emphasizes the time-resolved QXAFS and XRD techniques to be a powerful technique to analyze directly the structural and electronic change of metal nanoparticles inside PEFC under the operating conditions.