Platinum group metal (PGM) nanoparticles (NPs) have been investigated in a variety of research fields such as catalysis and electronics. Alloying has been recognized as one of the most efficient ways of improving or creating properties in metals. Among the types of alloys, solid-solution alloy NPs have the advantage of being capable of continuously changing their properties by tuning their composition. However, synthesizing PGM solid-solution alloy NPs with any combination and composition is not an easy task owing to the metallurgical aspects. In this minireview, the focus is on recent advances in PGM-based solid-solution alloy NPs, and in particular those with immiscible alloy systems. Concepts, synthesis, and properties of the alloy NPs are introduced, and the existing challenges and future perspectives are discussed.