Nanocrystalline Pd40Ni60 alloy catalyst has been fabricated by dealloying a ternary Al75Pd10Ni15 alloy in a 20 wt.% NaOH aqueous solution under free corrosion conditions. The microstructure and catalytic performance of the catalyst have been characterized by X-ray diffraction, scanning electron microscopy, transmission electron microscopy, high-resolution transmission electron microscopy, and cyclic voltammetry. The Pd40Ni60 alloy consists of nanocrystals with sizes of 5-10 nm, and Pd/Ni elements exist in a solid solution form. Moreover, nanocrystalline zones, amorphous zones and lattice distortion can be observed in the Pd40Ni60 alloy. Electrochemical measurements demonstrate that, for equivalent mass Pd, Pd40Ni60 has an enhanced electrocatalytic performance towards methanol and ethanol oxidation in alkaline media than nanoporous Pd. The nanocrystalline Pd40Ni60 alloy is a promising catalyst towards alcohol oxidation in alkaline media for fuel cell applications. (C) 2011 Elsevier B.V. All rights reserved.