Proton exchange membrane (PEM) fuel cell is a clean electrochemical device with great prospect of application. Performance plays an important role in the application of PEM fuel cell. In this paper, a voltage characteristics model of PEM fuel cell is established, its performance curves is simulated, and the influence of the operating parameters on its performance is analyzed. The results show that the simulated performance curves of PEM fuel cell and its experimental performance curves have a high degree of agreement; when the cell temperature is lower than the gas humidification temperature, the drooping extent in the high current density section of performance curve increases with the increase of the gas humidification temperatures. When the cell temperature is equal to or higher than the gas humidification temperature, the slope of the straight line section of the performance curve decreases with the increase of the gas humidification temperatures. The performance curve of the PEM fuel cell goes up with the increase of reaction gas pressure. The results are very helpful to optimization and application of PEM fuel cell.