jats:titleAbstract</jats:title>jats:pThe design and synthesis of faceted nanoparticles with a controlled composition is of enormous importance to modern catalyst engineering. Faceted FePt‐Fejats:sub3</jats:sub>Ojats:sub4</jats:sub> dumbbell nanoparticles are prepared by a simple, one‐pot technique that avoids the need for expensive additives or preformed seeds. The faceted product consists of an FePt octopod and a cubic Fejats:sub3</jats:sub>Ojats:sub4</jats:sub> lobe, of mean diameter 13.6 and 14.9 nm, respectively. The mass normalized activity for electrocatalytic oxygen reduction shows that this new structure types outperforms related catalysts in alkaline media. This work illustrates the power of morphology control and tailoring crystal facet abundance at the nanoparticle surface for enhancing catalytic performance.</jats:p>