Bimetallic nanocrystals (NCs) with core/shell, heterostructure, or intermetallic and alloyed structures are emerging as more important materials than monometallic NCs. They are expected to display not only a combination of the properties associated with two distinct metals, but also new properties and capabilities due to a synergy between the two metals. More importantly, bimetallic NCs usually show composition-dependent surface structure and atomic segregation behavior, and therefore more interesting applied potentials in various fields including electronics, engineering, and catalysis. Compared with monometallic NCs, preparation of bimetallic NCs is much more complicated and difficult to be achieved. In recent years, researchers from many groups have made great efforts in this area. This review highlights the recent progress in the chemical synthesis of bimetallic NCs. The control over morphology, size, composition, and structure of bimetallic NCs as well as the exploration of their properties and applications are discussed.