The focus of this chapter is on how the symbiotic relationship existing in nature can easily be translated to the nanoscale systems, particularly in plasmonic nanoparticles. Here, we discuss the synthesis and properties of bimetallic nanoparticles, consisting of plasmonic silver (Ag) with ferromagnetic cobalt (Co). The symbiotic properties in the Co-Ag bimetallic plasmonic nanoparticles are discussed in the chapter where Ag and Co are the beneficiary elements due to the presence of each other. These bimetallic plasmonic nanomaterials demonstrate multi-functionalities which are not just limited to well-known bio-sensing or magneto-optical effects but also expand to highly unexpected and exotic properties such as extreme oxidation resistance, ferroplasmons, improved quality factor, and tunable radiative quantum efficiency.