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In the face of the global energy challenge and progressing global climate change, renewable energy systems and components, such as fuel cells and electrolyzers, which close the energetic oxygen and carbon cycles, have become a technology development priority. The electrochemical oxygen reduction reaction (ORR) and the direct electrochemical carbon dioxide reduction reaction (CO2RR) are important electrocatalytic processes that proceed at gas diffusion electrodes of hydrogen fuel cells and CO2 electrolyzers, respectively. However, their low catalytic activity (voltage efficiency), limited long-term stability, and moderate product selectivity (related to their Faradaic efficiency) have remained challenges. To address these, suitable catalysts are required. This review addresses the current state of research on Pt-based and Cu-based nanoalloy electrocatalysts for ORR and CO2RR, respectively, and critically compares and contrasts key performance parameters such as activity, selectivity, and durability. In particular, Pt nanoparticles alloyed with transition metals, post-transition metals and lanthanides, are discussed, as well as the material characterization and their performance for the ORR. Then, bimetallic Cu nanoalloy catalysts are reviewed and organized according to their main reaction product generated by the second metal. This review concludes with a perspective on nanoalloy catalysts for the ORR and the CO2RR, and proposes future research directions.