Sourcing our ever-increasing demand for energy to power our high-paced and energy-thirsty industries poses a never-ending challenge. Therefore, many academic, industrial, and government entities put forward tremendous efforts in search of clean and sustainable energy resources. Taking into account the availability, safety, and efficiency of formic acid (FA) as a hydrogen storage medium, selective dehydrogenation of this simplest carboxylic acid into hydrogen gas has been considered a potential candidate as an environmentally sustainable energy source. For the dehydrogenation of FA, among various available options, Pd and Pd nanoalloy catalysts have recently been gaining interest. In this review, we provide a thorough overview of Pd-based nanoalloy catalysts for the reduction of FA. Our review focuses on the effect of the alloying elements such as Cr, Co, Ni, Cu, Zn, Ru, Ag, Sn, Pt, and Au in both bimetallic and trimetallic compositions on the catalytic dehydrogenation of FA. Furthermore, we also survey the interplay between the alloying elements and the supporting structures for Pd-based nanoalloys identifying those instances that lead to synergistic catalytic enhancement.