The present perspective explores the effect of composition and morphology on the catalytic and surface enhanced Raman scattering (SERS) sensing applications of anisotropic bimetallic gold‐palladium (Au−Pd) nanoparticles. The morphology of the nanoparticles was controlled by a ‘soft’ templating approach by using a hexagonal lyotropic liquid crystalline phase. The mesophases comprised of toluene‐swollen surfactant cylinders, doped with the gold (Au) and palladium (Pd) precursors, stabilized by a monolayer of surfactant and co‐surfactant molecules, arranged in a hexagonal lattice in water as continuous medium. Anisotropic nanostructures of Au having very small Pd nanoparticles deposited on their surface were produced when hexagonal mesophases containing Au and Pd precursors were subjected to gamma irradiation. The synthesized nanomaterials were thoroughly characterized using X‐ray diffraction (XRD), transmission electron microscopy (TEM) and X‐ray photoemission spectroscopy (XPS). These nanomaterials showed exceptionally high catalytic activities for the reduction of 4‐nitrophenol with the normalized rate constant of the bimetallic Au−Pd catalyst being 1.5 times higher than the best catalyst that is reported in the literature. These bimetallic Au−Pd nanostructures also demonstrated very good enhancement for Raman signals of methylene blue by demonstrating an enhancement factor of the order of 106 and a detection limit as low as 0.1 nM.