Pt‐based bimetallic alloy nanomaterials with a low Pt loading can exhibit promising catalytic properties with exciting electrochemical applications. An effective structure control of Pt‐based bimetallic alloy nanomaterials is critical to achieve enhanced catalytic properties. This review article focuses on recent advances in the controllable synthesis and electrocatalytic applications of Pt‐based bimetallic alloy nanostructures. Recent contributions on the controllable synthesis of a rich variety of Pt‐based bimetallic alloy nanostructures, for example, PtPd, PtCu, PtNi, PtCo, and PtFe, and hybrid nanostructures based on Pt‐based bimetallic alloy nanomaterials are summarized. Different Pt‐based bimetallic alloy nano‐electrocatalysts with enhanced activity and durability for different electrocatalytic reactions, such as the fuel cell reaction and the hydrogen evolution reaction, are outlined. Finally, an outlook on future trends and developments is provided.