Noble metal-based multimetallic nanoparticles (NMMNs) have attracted great attention for their multifunctional and synergistic effects, which offer numerous catalytic applications. Combined experimental and theoretical studies have enabled formulation of various design principles for tuning the electrocatalytic performance through controlling size, composition, morphology, and crystal structure of the nanoparticles. Despite significant advancements in the field, the chemical synthesis of NMMNs with ideal characteristics for catalysis, including high activity, stability, product-selectivity, and scalability is still challenging. This review provides an overview on structure-based classification and the general synthesis of NMMN electrocatalysts. Furthermore, postsynthetic treatments, such as the removal of surfactants to optimize the activity, and utilization of NMMNs onto suitable support for practical electrocatalytic applications are highlighted. In the end, future direction and challenges associated with the electrocatalysis of NMMNs are covered.