The synthesis of solvent-adoptable monometallic Ni and NiCo alloy nanochains by a one-pot solution phase reduction method in the presence of poly(4-vinylphenol) (PVPh) is demonstrated. The elemental compositions of the as-prepared alloys are determined by inductively coupled plasma optical emission spectroscopy (ICP-OES) and energy-dispersive X-ray spectroscopy (EDS), which are matching well with the target compositions. The morphology analysis by TEM and FESEM confirms that the nanochains are made up of organized spherical monometallic Ni or bimetallic NiCo alloy nanoparticles (NPs). However, there is no nanochain formation when the alloy is prepared without the polymer PVPh. A possible mechanism for the formation of such NiCo alloy nanochains is discussed. The X-ray diffraction and selected area electron diffraction patterns reveal that the Ni/NiCo alloys are polycrystalline with fcc structure. The obtained Ni or NiCo alloy nanostructures are ferromagnetic with very high coercivity. The polymer Ni/NiCo alloy nanochains are dispersible in both water and organic media that makes them versatile enough to use as catalysts in the reactions carried out in both types of media. The catalytic activities of these Ni/NiCo alloy nanochains are extremely high in the borohydride reduction of p-nitrophenol in water. In organic solvents, these nanochains can act as efficient catalysts, under ligand-free condition, for the C-S cross-coupling reactions of various aryl iodides and aryl thiols for obtaining the corresponding cross-coupled products in good to excellent yield up to 96%. The NiCo nanochain also successfully catalyzes the C-O cross-coupling reaction in organic medium. A possible mechanism for NiCo alloy nanochain-catalyzed cross-coupling reaction is proposed.