Metallic Ni shows high activity for a variety of hydrogenation reactions due to its intrinsically high capability for H2 activation, but it suffers from low chemoselectivity for target products when two or more reactive functional groups are present on one molecule. Modification by other metals changes the geometric and electronic structures of the monometallic Ni catalyst, providing an opportunity to design Ni-based bimetallic catalysts with improved activity, chemoselectivity, and durability. In this review, the hydrogenation properties of these catalysts are described starting from the typical methods of preparing Ni-based bimetallic nanoparticles. In most cases, the reasons for the enhanced catalysis are discussed based on the geometric and electronic effects. This review provides new insights into the development of more efficient and well-structured non-noble metal-based bimetallic catalytic systems for chemoselective hydrogenation reactions.