This invention discloses the synthesis of a bifunctional La0.6Ca0.4Co1-xIrxO3 (x=0˜1) perovskite compound with a superb bifunctional catalytic ability for the oxygen reduction and generation in alkaline electrolytes. Synthetic routes demonstrated include solid state reaction, amorphous citrate precursor, and mechanical alloying. The interested compound demonstrates notable enhancements over commercially available La0.6Ca0.4CoO3.