Pd−Au core‐shell nanoparticles with a palladium core (diameter about 5.5 nm) and a gold shell (thickness about 1.7 nm) were wet‐chemically synthesized in an easy water‐based one‐pot synthesis by sequential reduction of Pd2+ and Au3+ with glucose in the presence of poly(N‐vinylpyrrolidone) (PVP). The metals are present in about equal amounts (molar ratio Pd:Au about 2:1) with a clear separation between core and shell. The reaction was monitored in‐situ by small‐angle X‐ray scattering (SAXS), showing the initial growth of the palladium seeds, followed by the epitactic formation of the gold shell. The core‐shell character of the particles was confirmed by high‐resolution scanning transmission electron microscopy (STEM) and energy‐dispersive X‐ray spectroscopy (EDX). However, X‐ray powder diffraction with Rietveld analysis indicated a partial alloying, i. e. a gradual border between the two metals. Cell culture experiments showed no adverse effects on human mesenchymal stem cells (hMSCs) with a Pd−Au nanoparticle concentration (computed as total metal) up to 50 μg mL−1 after 24 h incubation, i. e. the particles can be considered as biologically harmless, even after unintended human exposure.