By controlling the structure and composition of Pt-based nanoalloys, the ethanol oxidation reaction (EOR) performances of Pt alloy catalysts can be effectively improved. Herein, we successfully synthesis sub-10 nm PdNi@PtNi nanoparticles (PdNi@PtNi NPs) with a core–shell structure by a one-pot method. The sub 10 nm core–shell nanoparticles possess more effective atoms and exhibit a synergistic effect which can lead to a shift in the d-band center and alter binding energies toward adsorbates. Due to the synergistic effect and unique core–shell structure, the PdNi@PtNi NP catalysts exhibit excellent electrocatalytic performance for ethanol oxidation reactions in alkaline, achieving 9.30 times more mass activity and 7.05 times more specific activity that of the state-of-the-art Pt/C catalysts. Moreover, the stability of PdNi@PtNi NPs was also greatly improved over PtNi nanoparticles, PtPd nanoparticles, and commercial Pt/C. This strategy provides a new idea for improving the electrocatalytic performance of Pt-based catalysts for EORs.