AbstractTo design electrocatalysts with excellent performance, morphology, composition and structure is a decisive influential factor. In this work, ultrasmall Ag@Pd core‐shell nanocrystals supported on Vulcan XC72R carbon with different Ag/Pd atomic ratios are synthesized via a facile successive reduction approach with formaldehyde and ethylene glycol as reducing agents, respectively. The Ag‐core/Pd‐shell nanostructures are revealed by high‐resolution transmission electron microscopy (HRTEM). Ag@Pd core‐shell nanocrystals possess a narrow size distribution with an average size of ca. 4.3 nm. In comparison to monometallic Pd/C and commercial Pd black catalysts, such Ag@Pd core‐shell nanocrystals display excellent electrocatalytic activities for formic acid oxidation, which may be due to high Pd utilization derived from the formation of Ag@Pd core‐shell nanostructure and the strong interaction between Ag and Pd.