In this paper, the effect of changes in the thermal conductivity of porous electrodes in three coordinate directions on the capability of proton exchange membrane fuel cells is investigated on the basis of current density versus voltammetry curves, and the temperature distribution and water-carrying capacity distribution of the membrane. The results show that when the cell discharge voltage of the PEMFC is 0.3 V, the thermal conductivity in the Z-direction of the porous electrode has a greater effect on the performance of the PEMFC than in the other directions, with the thermal conductivity in the X- and Y-directions of the porous electrode having less than a 5% effect on the performance of the PEMFC, which can therefore be neglected. When the thermal conductivity of the porous electrode in the Z-direction of the PEMFC is 500 W/(m·K) and 1000 W/(m·K), the performance of the PEMFC is improved by 5.78% and 5.87%, respectively, and when the thermal conductivity of the porous electrode in the X-direction of the PEMFC is 500 W/(m·K) and 1000 W/(m·K), the performance of the PEMFC is improved by 2.09% and 2.89%, and the PEMFC performance is improved by 1.51% and 2.00% when the Y-direction thermal conductivity of the porous electrode of the PEMFC is 500 W/(m·K) and 1000 W/(m·K), respectively. The improvement in performance decreases with increasing thermal conductivity, because the thickness of the porous electrode is too thin. Since the side of the model is set to adiabatic heat exchange conditions, while the top and bottom surfaces are set to natural convection heat exchange conditions, the Z-direction thermal conductivity of the porous electrode plays the most important role in the temperature distribution of the PEMFC. The Z-direction thermal conductivity of the porous electrode causes the temperature distribution of the PEMFC assembly to be more uniform, and the Z-direction thermal conductivity of the porous electrode also causes the area of the high-water-content region on the proton exchange membrane to significantly increase.