Controlling the surface structure and composition at the atomic level is an effective way to tune the catalytic properties of bimetallic catalysts. Herein, we demonstrate a generalized strategy to synthesize highly monodisperse, surfactant-free octahedral PtxNi1−x nanoparticles with tunable surface structure and composition. With increasing the Ni content in the bulk composition, the degree of concaveness of the octahedral PtxNi1−x nanoparticles increases. We systematically studied the correlation between their surface structure/composition and their observed oxygen reduction activity. Electrochemical studies have shown that all the octahedral PtxNi1−x nanoparticles exhibit enhanced oxygen reduction activity relative to the state-of-the-art commercial Pt/C catalyst. More importantly, we find that the surface structure and composition of the octahedral PtxNi1−x nanoparticles have significant effect on their oxygen reduction activity. Among the studied PtxNi1−x nanoparticles, the octahedral Pt1Ni1 nanoparticles with slight concaveness in its (111) facet show the highest activity. At 0.90 V vs. RHE, the Pt mass and specific activity of the octahedral Pt1Ni1 nanoparticles are 7.0 and 7.5-fold higher than that of commercial Pt/C catalyst, respectively. The present work not only provides a generalized strategy to synthesize highly monodisperse, surfactant-free octahedral PtxNi1−x nanoparticles with tunable surface structure and composition, but also provides insights to the structure-activity correlation.