The exsolution of nanoparticles from perovskite precursors has been explored as a route to synthesize catalysts with sinter or coke resistance. The characteristics of these exsolved nanoparticles are highly dynamic depending on the redox nature of the environment to which they are subjected. To develop their properties for thermo-and electrocatalytic applications, it is necessary to track the states and behavior of exsolved catalysts with in situ and ex situ characterization. In this study, we conduct in situ X-ray absorption spectroscopy (XAS) along with ex situ scanning transmission electron microscopy high-angle annular darkfield (STEM-HAADF) and energy-dispersive X-ray spectroscopy analysis of the parent perovskite oxide precursor, LaFe 0.8 Ni 0.2 O 3 , as its structure forms bimetallic NiFe nanoparticles and evolves in oxidative, reductive, and dry methane reforming environments. We develop a theory that NiFe exsolution is a function of the reduction potential where LaFe 0.8 Ni 0.2 O 3 transforms to NiFe alloy supported on LaO x -LaFeO x . The Ni starts to exsolve at 268 °C, while most Fe exsolves at 700 °C. During dry methane reforming conditions, most of the Fe is oxidized by CO 2 during the reaction and re-enters the perovskite as LaFeO 3 , while Ni remains on the surface as nanoparticles in the metallic state. During the oxidative regeneration phase, most of the Fe re-enters the bulk perovskite phase, while Ni is partially regenerated with a small percentage oxidized to large NiO nanoparticles. This study sheds light on the exsolution and regeneration of bimetallic alloy nanoparticles and the influence of the reaction conditions on their catalyst performance.