In response to growing levels of air pollution and emission regulations, novel three‐way catalysts (TWCs) with high efficiency are highly coveted. Herein, a multi‐step heating strategy to fabricate a unique dual‐site catalyst composed of strongly coupled Pt and Pd atoms located in neighboring positions on the surface of CeO2 is demonstrated. Outstanding three‐way catalytic performance is demonstrated, especially for NO elimination. Based on comprehensive investigations, the enhancement is attributed to the strong interactions between the neighboring Pt and Pd atoms, which can separately serve as active sites for CO and NO adsorption, efficiently reducing the energy barrier and accelerating the reaction rate. These findings not only contribute to designing and constructing next‐generation catalysts, but also provide a promising opportunity to improve fuel efficiency and control emissions.