Platinum nanocatalysts have shown high performance in a wide variety of electrocatalytic reactions, making them the focus of many studies. High quality characterization results are vital for the proper understanding of a catalyst's structure and properties, allowing for further discoveries to be made. X-ray absorption spectroscopy is a powerful characterization tool, permitting both the local structure and electronic properties to be determined for a sample of interest. This can be taken further by collecting in situ measurements, which offer the unique advantage of characterization results collected in real-time while the catalytic reaction is taking place. This review summarizes recent studies which utilized in situ X-ray absorption spectroscopy to characterize platinum nanocatalysts, highlighting the important structural parameters and electronic properties determined under the real catalytic reaction conditions. Specific examples of catalysts for use in the oxygen reduction reaction, chlorine evolution reaction, and carbon monoxide oxidation are discussed in detail. Future prospects for work in this field are also highlighted and discussed.