Hydrogen energy is regarded as the ultimate energy source for future human society, and the preparation of hydrogen from water electrolysis is recognized as the most ideal way. One of the key factors to achieve large‐scale hydrogen production by water splitting is the availability of highly active and stable electrocatalysts. Although non‐precious metal electrocatalysts have made great strides in recent years, the best hydrogen evolution reaction (HER) electrocatalysts are still based on noble metals. Therefore, it is particularly important to improve the overall activity of the electrocatalysts while reducing the noble metals load. Alloying strategies can shoulder the burden of optimizing electrocatalysts cost and improving electrocatalysts performance. With this in mind, recent work on the application of noble metal‐based alloy electrocatalysts in the field of hydrogen production from water electrolysis is summarized. In this review, first, the mechanism of HER is described; then, the current development of synthesis methods for alloy electrocatalysts is presented; finally, an example analysis of practical application studies on alloy electrocatalysts in hydrogen production is presented. In addition, at the end of this review, the prospects, opportunities, and challenges facing noble metal‐based alloy electrocatalysts are tried to discuss.