Single-atom alloys (SAAs) are a different type of alloy where a guest metal, usually a noble metal (e.g., Pt, Pd, and Ru), is atomically dispersed on a relatively more inert (e.g., Ag and Cu) host metal. As a type of atomic-scale catalyst, single-atom alloy catalysts have broad application prospects in the field of heterogeneous catalysis for hydrogenation, dehydrogenation, oxidation, and other reactions. Numerous experimental and characterization results and theoretical calculations have confirmed that the resultant electronic structure caused by charge transfer between the host metal and guest metal and the special geometric structure of the guest metal are responsible for the high selectivity and catalytic activity of SAA catalysts. In this review, the common methods for the preparation of single-atom alloys in recent years are introduced, including initial wet impregnation, physical vapor deposition, and laser ablation in liquid technique. Afterwards, the applications of single-atom alloy catalysts in selective hydrogenation, dehydrogenation, oxidation reactions, and hydrogenolysis reactions are emphatically reviewed. Finally, several challenges for the future development of SAA catalysts are proposed.