CO2 methanation has recently emerged as a process that targets the reduction in anthropogenic CO2 emissions, via the conversion of CO2 captured from point and mobile sources, as well as H2 produced from renewables into CH4. Ni, among the early transition metals, as well as Ru and Rh, among the noble metals, have been known to be among the most active methanation catalysts, with Ni being favoured due to its low cost and high natural abundance. However, insufficient low-temperature activity, low dispersion and reducibility, as well as nanoparticle sintering are some of the main drawbacks when using Ni-based catalysts. Such problems can be partly overcome via the introduction of a second transition metal (e.g., Fe, Co) or a noble metal (e.g., Ru, Rh, Pt, Pd and Re) in Ni-based catalysts. Through Ni-M alloy formation, or the intricate synergy between two adjacent metallic phases, new high-performing and low-cost methanation catalysts can be obtained. This review summarizes and critically discusses recent progress made in the field of bimetallic Ni-M (M = Fe, Co, Cu, Ru, Rh, Pt, Pd, Re)-based catalyst development for the CO2 methanation reaction.