Electrocatalysis underpins the renewable electrochemical conversions for sustainability, which further replies on metallic nanocrystals as vital electrocatalysts. Intermetallic nanocrystals have been known to show distinct properties compared to their disordered counterparts, and been long explored for functional improvements. Tremendous progresses have been made in the past few years, with notable trend of more precise engineering down to an atomic level and the investigation transferring into more practical membrane electrode assembly (MEA), which motivates this timely review. After addressing the basic thermodynamic and kinetic fundamentals, we discuss classic and latest synthetic strategies that enable not only the formation of intermetallic phase but also the rational control of other catalysis-determinant structural parameters, such as size and morphology. We also demonstrate the emerging intermetallic nanomaterials for potentially further advancement in energy electrocatalysis. Then, we discuss the state-of-the-art characterizations and representative intermetallic electrocatalysts with emphasis on oxygen reduction reaction evaluated in a MEA setup. We summarize this review by laying out existing challenges and offering perspective on future research directions toward practicing intermetallic electrocatalysts for energy conversions.