Abstract: The present invention provides a method for manufacture of supported noble metal based alloy catalysts with a high degree of alloying and a small crystallite size. The method is based on the use of polyol solvents as reaction medium and comprises of a two-step reduction process in the presence of a support material. In the first step, the first metal (M1=transition metal; e.g. Co, Cr, Ru) is activated by increasing the reaction temperature to 80 to 160° C. In the second step, the second metal (M2=noble metal; e.g. Pt, Pd, Au and mixtures thereof) is added and the slurry is heated to the boiling point of the polyol solvent in a range of 160 to 300° C. Due to this two-step method, an uniform reduction occurs, resulting in noble metal based catalysts with a high degree of alloying and a small crystallite size of less than 3 nm. Due to the high degree of alloying, the lattice constants are lowered.