Electrochemical water splitting under acidic conditions is a clean way towards producing hydrogen fuels. The slow kinetics of the oxygen evolution reaction (OER) at the anode is currently a bottleneck for commercial acceptance of this technology. Therefore, arriving at more efficient and sustainable OER electrocatalysts is highly desirable. We here demonstrate the synthesis of iridium-palladium (IrPd) alloy nanoparticles (2-5 nm) with variable average composition (Ir : Pd = 1 : 0, 1 : 1, 1 : 3, 1 : 6, 1 : 9 and 0 : 1) using a facile one-pot microwave-assisted chemical reduction method. The IrPd nanoparticles show structure- and composition-dependent OER performance in acidic media. Utilizing different reduction strengths and precursor ratios, successful alloy catalysts were prepared with Ir-rich skin and sublayers of different Pd compositions. Their structures were revealed using high-resolution transmission electron microscopy, X-ray photoelectron spectroscopy, and hydrogen underpotential deposition (Hupd) studies. It turned out that (1) the alloy OER catalyst also has a high electrochemically active surface area for hydrogen adsorption/desorption, (2) the OER performance is strongly dependent on the surface Ir contribution and (3) the intact Ir skin is essential for electrocatalyst stability.