The equilibrium shape of nanoparticles is investigated to elucidate the various core–shell morphologies observed in a bimetallic system associating two immiscible metals, iron and gold, that crystallize in the bcc and fcc lattices, respectively. Fe–Au core–shell nanoparticles present a crystalline Fe core embedded in a polycrystalline Au shell, with core and shell morphologies both depending on the Au/Fe volume ratio. A model is proposed to calculate the energy of these nanoparticles as a function of the Fe volume, Au/Fe volume ratio, and the core and shell shape, using the density functional theory-computed energy densities of the metal surfaces and of the two possible Au/Fe interfaces. Three driving forces leading to equilibrium shapes were identified: the strong adhesion of Au on Fe, the minimization of the Au/Fe interface energy that promotes one of the two possible interface types, and the Au surface energy minimization that promotes a 2D–3D Stranski–Krastanov-like transition of the shell. For a low Au/Fe volume ratio, the wetting is the dominant driving force and leads to the same polyhedral shape for the core and the shell, with an octagonal section. For a large Au/Fe ratio, the surface and interface energy minimizations can act independently to form an almost cube-shaped Fe core surrounded by six Au pyramids. The experimental nanoparticle shapes are well reproduced by the model, for both low and large Au/Fe volume ratios.