Alloy nanoparticles (NPs) have garnered significant attention in the diverse scientific and technological fields. Their unique ability to engineer structures and promote the formation of multifunctional composites with enhanced performance at the nanoscale has fueled this interest. Alloy NPs offer significant advantages in electrolysis, making them a promising material for green H 2 evolution. This Review explores the design and development of various alloy nanomaterials and their potential as efficient electrocatalysts for watersplitting reactions. Water electrolysis comprises two half-cell reactions: the hydrogen evolution reaction (HER) or water reduction reaction at the cathode and the oxygen evolution reaction (OER) or water oxidation reaction at the anode. Both reactions involve multielectron transfer processes that require highly active catalysts to minimize overpotential during electrocatalysis. An ideal electrocatalyst should exhibit a performance comparable to Pt for HER and surpass IrO 2 /RuO 2 for OER in suitable conditions. This Review discusses bimetallic alloy materials for HER, OER, and overall water splitting in various media, highlighting the best-reported electrocatalysts.