Core@shell Ni@Co and bimetallic alloyed Ni–Co nanoparticles with controlled Co/Ni compositions were prepared and supported on CeO2 to investigate their performance in catalytic dry reforming of methane (DRM) and occurrence of sintering and coking. Increasing the Co/Ni ratio significantly reduced coke deposition while maintaining catalytic activity for DRM. However, a Co/Ni ratio > 1 caused a rapid decrease in activity. The Ni@Co1/CeO2 catalyst exhibited the highest CH4 and CO2 conversions, with long-term stability during DRM at 800 °C for 100 h. The initial core@shell structure of the Ni@Co1/CeO2 catalyst transformed to a homogeneous alloy after DRM at 800 °C for 10 h, losing its Co shell. However, the bimetallic alloyed Ni–Co1/CeO2 catalyst transformed into a non-uniform alloy rich in Co on the surface after DRM for 10 h. As the elemental distribution of the NPs becomes more homogeneous, Ni–Co1/CeO2 exhibit similar catalytic activity to Ni@Co1/CeO2 after 50 h. The oxygen vacancies on the CeO2 surface provided oxygen atoms to the Ni surface, removing carbon species deposited and releasing CO. Therefore, Ni@Co1/CeO2 catalyst provides excellent catalytic activity and stability due to the rapid formation of a homogenous alloy and the synergistic effect of Co and CeO2.