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The oxygen reduction reaction (ORR) and hydrogen evolution reaction (HER) both are key electrochemical reactions for enabling next generation alternative-power supply technologies. Despite great merits, both of these reactions require robust electrocatalysts for lowering the overpotential and promoting their practical applications in energy conversion and storage devices. Although, noble metal-based catalysts (especially Pt-based catalysts) are at the forefront in boosting the ORR and HER kinetics, high cost, limited availability, and poor stability in harsh redox conditions make them unfit for scalable use. To this end, various strategies including downsizing the catalyst size, reducing the noble metal, and increasing metal utilization have been adopted to appropriately balance the performance and economic issues. This mini-review presents an overview of the current state of the technological advancements in noble metal-based heterogeneous nanocatalysts (NCs) for both ORR and HER applications. More specifically, we focused on establishing the structure–performance correlation.