Fine tuning the structure of bimetallic nanoparticles is critical toward understanding structure−activity relationships and further improving the catalytic performance in propane dehydrogenation (PDH). Excessive Fe species in the PtFe bimetallic catalysts promote carbon deposition leading to low propylene selectivity, and it remains challenging to synthesize welldefined PtFe catalysts while selectively eliminating the excessive Fe. Herein, we show that the formation of coke can be significantly inhibited by introducing CO 2 into the PDH over PtFe catalysts, where CO 2 effectively eliminates the active Fe(0) coking sites without changing the catalytic surface structure of the PtFe alloy. With a CO 2 /C 3 H 8 feeding ratio of 0.20, the Pt1Fe7/S-1 catalyst shows the highest propylene production rate and decreased amount of coke from 18.8 to 1.0 wt % compared with dehydrogenation without CO 2 . X-ray absorption spectroscopy, X-ray photoelectron spectroscopy, and 57 Fe Mossbauer results indicate that it is the oxidation of excessive unalloyed Fe species during the CO 2 -PDH reaction, instead of the reverse Boudouard reaction (CO 2 + C = 2CO), that significantly inhibits the carbon deposition. This work provides a promising strategy for tuning the structure of PtFe bimetallic catalysts under reaction conditions and improving the performance of the PDH reaction.