The functionalized and synergistic properties of noble metal-based multimetallic nanomaterials (NMMMs) have gained a significant amount of consideration for their diverse catalytic applications. Several design principles for adjusting the electrocatalytic performance by tuning the nanoparticles' atomic distribution, size, morphology, composition, and crystal structure have been formulated through a combination of experimental and theoretical research. In spite of the tremendous progress made in this research area, the chemical synthesis of NMMMs with optimum catalytic properties, such as excellent performance, product selectivity, long-term stability, and scalability, remains a challenge. This article gives an overview of structure-based classification and general NMMM electrocatalyst preparation. This review article discusses the structure-based categorization and broad fabrication of noble metal-based multimetallic nanomaterials. In addition, post-fabrication analysis, for instance, the elimination of surfactants to enhance the performance and the use of NMMMs on appropriate supports for practical electrocatalytic applications are emphasized. In conclusion, recent progress and challenges linked with NMMM electrocatalysis are discussed.