Pt nanoparticles (NPs) have been reported to demonstrate four kinds of enzyme-like activity including superoxide dismutase (SOD), catalase, oxidase and peroxidase. Some of these activities interfere with each other. For instance, as antioxidant enzyme mimics, their SOD and catalase activities are very helpful in scavenging related reactive oxygen species (ROSs). However, their oxidase-like and/or peroxidase-like activities may simultaneously oxidize some natural antioxidants, thus compromising the final anti-oxidation efficacy. Fine tuning different enzyme-like activities is therefore very important to realize the optimization of their functions. In this paper, our effort is focused in this direction by tailoring the electronic structure of Pt NPs via alloying with Ag. All four enzyme-like activities are found to be weakened by an increased Ag percentage in the alloy, as witnessed by decreased values of Kcat. The variation in the electronic structure also changes the substrate affinity. Introducing silver into Pt weakens the affinity for H2O2, which affects the limit of detection (LOD) for H2O2 and products with H2O2 involved. In contrast to Fe3O4 MNPs, for peroxidase-like activity, hydroxyl radicals are not involved in the oxidation of chromogenic substrates for the alloy nanostructures.