La1-x-ySrxAgyMnO3-δ was synthesized via modified Pechini method. Silver (Ag) was incorporated into La1-x-ySrxAgyMnO3-δ cathode material for solid oxide fuel cells as a catalyst precursor for oxygen reduction reaction. The La1-x-ySrxAgyMnO3-δ perovskite single phase formed at 800°C, and the solubility of Ag in the crystal lattice of the perovskite was up to 5 mol%. The single-phase materials revealed thermal stability in different oxidizing atmospheres up to sintering temperature of the cathode at 1050°C. The exsolution of the metallic Ag nanoparticles was performed at 350–600°C in reducing atmosphere. Scanning electron and scanning transmission electron microcopy revealed a good mechanical contact of the Ag nanoparticles to the surface of the perovskite after reducing conditions. The electrochemical tests of the materials showed a good electrocatalytic effect of nanosized Ag toward oxygen reduction reaction. The electrochemical performance of the cathodes revealed the dependence on electrolyte material and exsolution time.