AbstractDesigning highly active and cost‐effective electrocatalysts for the alkaline hydrogen oxidation reaction (HOR) is critical for advancing anion‐exchange membrane fuel cells (AEMFCs). While dilute metal alloys have demonstrated substantial potential in enhancing alkaline HOR performance, there has been limited exploration in terms of rational design, controllable synthesis, and mechanism study. Herein, we developed a series of dilute Pd−Ni alloys, denoted as x% Pd−Ni, based on a trace‐Pd decorated Ni‐based coordination polymer through a facile low‐temperature pyrolysis approach. The x% Pd−Ni alloys exhibit efficient electrocatalytic activity for HOR in alkaline media. Notably, the optimal 0.5 % Pd−Ni catalyst demonstrates high intrinsic activity with an exchange current density of 0.055 mA cm−2, surpassing that of many other alkaline HOR catalysts. The mechanism study reveals that the strong synergy between Pd single atoms (SAs)/Pd dimer and Ni substrate can modulate the binding strength of proton (H)/hydroxyl (OH), thereby significantly reducing the activation energy barrier of a decisive reaction step. This work offers new insights into designing advanced dilute metal or single‐atom‐alloys (SAAs) for alkaline HOR and potentially other energy conversion processes.