The manipulation of matter at the atomic level (nanotechnology) has experienced an explosion in research interest in recent years. Bimetallic nanoparticles are vital due to their high biocompatibility, stability and comparatively less toxicity. The synthesis methods that include physical, chemical and biological methods are explored and explained in detail, along with their advantages. They have a wide range of applications due to their synergistic properties including biological applications (in medicine and agriculture), environmental application (in water treatment and removal of toxic contaminants), engineering application (in nanosensors, nanochips and nano-semiconductors) and chemical and physical application (in optics, catalysis and paints). The green synthesis approach is a promising method of synthesis that can give rise to more biocompatible and less toxic bimetallic nanoparticles due to increasing environmental pollution. However, despite these interesting attributes of bimetallic nanoparticle, there is still much work to be done to improve the biocompatibility of bimetallic nanoparticles because of their toxicity and potentially hazardous effects.