For bimetallic nanoparticles (NPs), the degree of alloying is beginning to be recognized as a significant factor affecting the NP properties. Here, we report an alloyed crystalline Au-Ag hollow nanostructure that exhibits a high catalytic performance, as well as structural and chemical stability. The Au-Ag alloyed hollow and porous nanoshell structures (HPNSs) with different morphologies and subnanoscale crystalline structures were synthesized by adjusting the size of the sacrificial Ag NPs via a galvanic replacement reaction. The catalytic activities of the nanomaterials were evaluated by the model reaction of the catalytic reduction of p-nitrophenol by NaBH4 to p-aminophenol. The experimental results show that the subnanoscale crystalline structure of the Au-Ag bimetallic HPNSs has much greater significance than the apparent morphology does in determining the catalytic ability of the nanostructures. The Au-Ag alloyed HPNSs with better surface crystalline alloying microstructures and open morphologies were found to exhibit much higher catalytic reaction rates and better cyclic usage efficiencies, probably because of the better dispersion of active Au atoms within these materials. These galvanic replacement-synthesized alloyed Au-Ag HPNSs, fabricated by a facile method that avoids Ag degradation, have potential applications in catalysis, nanomedicine (especially in drug/gene delivery and cancer theranostics), and biosensing.