Nanoporous metals (NPMs) with diversified shapes and compositions can be readily fabricated by dealloying monolithic alloys through chemical or electrochemical processes. Benefited from their high surface area, high density of low‐coordinated sites on the ligament surface, and unsupported character, NPMs have attracted increasing attentions as a new class of heterogeneous catalysts with high activity, selectivity, and long‐term stability, reminiscent of the great success of Raney nickel. In the present minireview, we summarize the recent advances in this exciting field and provide a critical discussion of the nature of their active sites and the structure–property correlation.