As one of the alternative metals to platinum, which supports a wide range of applications in chemistry and catalysis in industry, palladium increasingly receives attention because of its similar physicochemical properties. However, Pd is generally less expensive than Pt and has a richer natural reserve. Herein, some recently developed techniques for the preparation and characterization of Pd‐based bimetallic catalysts are reviewed. The impact on catalytic reactions of interest, including hydrogenation, dehydrogenation, hydrogenolysis, reforming, the oxygen reduction reaction, and hydrodesulfurization are also discussed. It is shown that the catalytic performance of Pd‐based bimetallic catalysts is strongly dependent on the geometric and electronic states of Pd, which can be significantly affected by blended foreign element(s). Rationalization of the structure–activity relationship can provide useful guidelines to the fine tuning of these important catalytic reactions.