The performance of anion-exchange membrane fuel cells is highly dependent on electrode preparation. This study has investigated the influence of water content and catalyst to ionomer ratio in the electrode ink on in-situ fuel cell performance and the electrode microstructure using SEM. It has shown that changing the solvent composition affects the electrode properties. Higher water content in ink results in a lower power density. An increase in water content from 40 to 70 vol% shows a 500 mA/cm2 drop in current density. SEM analysis of newly prepared electrodes revealed an observable difference in the microstructure. This indicates that for high water volume the ionomer distribution in the electrode is very uneven. The results also indicate that lower ionomer content in the bulk of the structure lowers the cell performance, which may be explained by limited hydroxide transportation.