Establishing new protocol for nanomaterial characterization of functional materials is an important step in our knowledge for understanding the correlation between atomic changes and electrochemical performances. We propose a combination of different state-of-the-art techniques as a robust approach for nanomaterial characterization, which is suitable in structural refinements of nanocrystalline active systems. This technique of studying microscopic properties of nanomaterials includes XAS (X-ray absorption spectroscopy) ex situ and in situ, XRD (X-ray diffraction), high-resolution TEM (transmission electron microscopy), and XRF (X-ray fluorescence). In particular, we are using the siteselective XAS (performed at international synchrotron radiation facilities) that is sensible to the local structure (up to 5-10 Å around photoabsorbing sites) for characterization of the nanomaterials with singular accuracy. An investigation of the local structure and chemical disorder dynamics of a commercial Pt-Co alloy nanocatalyst, used as electrode material in proton exchange membrane fuel cells (PEMFC), will be presented and discussed.