Bimetallic nanoparticles with synergistic effects revealed much higher catalytic activity than respective monometallic materials. This review describes bimetallic nanoparticles, especially silver nanoparticles, combined with the other transition elements, such as Ag−Fe, Ag−Co, Ag−Ni, and Ag−Cu, as an enhanced catalytically active material. The coverage is given to the various methods of preparation, in which factors responsible for different structures of bimetallic nanoparticles are thoroughly discussed. Lastly, we explore the use of bimetallic nanoparticles as a catalyst for the degradation of numerous organic pollutants that contribute to water pollution.