In recent years, bimetallic nanocrystals have attracted great interest from many researchers. Bimetallic nanocrystals are expected to exhibit improved physical and chemical properties due to the synergistic effect between the two metals, not just a combination of two monometallic properties. More importantly, the properties of bimetallic nanocrystals are significantly affected by their morphology, structure, and atomic arrangement. Reasonable regulation of these parameters of nanocrystals can effectively control their properties and enhance their practicality in a given application. This review summarizes some recent research progress in the controlled synthesis of shape, composition and structure, as well as some important applications of bimetallic nanocrystals. We first give a brief introduction to the development of bimetals, followed by the architectural diversity of bimetallic nanocrystals. The most commonly used and typical synthesis methods are also summarized, and the possible morphologies under different conditions are also discussed. Finally, we discuss the composition-dependent and shape-dependent properties of bimetals in terms of highlighting applications such as catalysis, energy conversion, gas sensing and bio-detection applications.