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The design and manufacture of highly efficient nanocatalysts for the oxygen reduction reaction (ORR) is key to achieve the massive use of proton exchange membrane fuel cells. Up to date, Pt nanocatalysts are widely used for the ORR, but they have various disadvantages such as high cost, limited activity and partial stability. Therefore, different strategies have been implemented to eliminate or reduce the use of Pt in the nanocatalysts for the ORR. Among these, Pt-free metal nanocatalysts have received considerable relevance due to their good catalytic activity and slightly lower cost with respect to Pt. Consequently, nowadays, there are outstanding advances in the design of novel Pt-free metal nanocatalysts for the ORR. In this direction, combining experimental findings and theoretical insights is a low-cost methodology—in terms of both computational cost and laboratory resources—for the design of Pt-free metal nanocatalysts for the ORR in acid media. Therefore, coupled experimental and theoretical investigations are revised and discussed in detail in this review article.