The alloying of platinum (Pt) with rare earth (RE) metals has emerged as a highly promising strategy for enhancing both the activity and stability of catalysts. Consequently, the development of methods for the controlled synthesis of Pt–RE alloys has received growing attention. This review comprehensively explores diverse synthesis methodologies for Pt–RE alloys, including physical metallurgy method, chemical reduction method, electrodeposition method, and dealloying method. Additionally, this review summaries the applications of Pt–RE alloys in various fields. By providing a critical analysis of existing literature and highlighting key challenges and future directions, this review aims to offer valuable insights and serve as a springboard for further advancements in the controlled synthesis and diverse applications of Pt–RE alloys.