Structurally ordered intermetallic phases have exhibited higher and higher electrocatalytic activity and stability than disordered alloys in many reactions such as the oxygen reduction reaction (ORR) and small-molecule (hydrogen, formic acid, or ethanol) oxidation reactions. The enhanced electrocatalytic activity could be derived from the definite composition and predictable control over structural, geometric, and electronic effects. This review, based on the understanding of the catalytic mechanism of structurally ordered intermetallic nanoparticles, provides a comprehensive acknowledgment of how the particle size and morphology affect the catalytic performance. The strategy for reducing particle size and the impact of particle size on electrocatalysis will be first introduced. Then, recent developments in the synthesis and design of morphology-controlled catalysts are summarized. The structure–activity relationship between the catalytic activity and morphology including core–shell/hollow and porosity will be highlighted. Finally, the current challenges and future developments are provided. On the basis of this review, intermetallic nanoparticles will shed light on the future development of electrocatalysts for fuel cells and metal-air batteries.