AbstractAs second‐generation mesoporous materials, mesoporous noble metals (NMs) are of significant interest for their wide applications in catalysis, sensing, bioimaging, and biotherapy owing to their structural and metallic features. The introduction of interior hollow cavity into NM‐based mesoporous nanoparticles (MNs), which subtly integrate hierarchical hollow and mesoporous structure into one nanoparticle, produces a new type of hollow MNs (HMNs). Benefiting from their higher active surface, better electron/mass transfer, optimum electronic structure, and nanoconfinement space, NM‐based HMNs exhibit their high efficiency in enhancing catalytic activity and stability and tuning catalytic selectivity. In this review, recent progress in the design, synthesis, and catalytic applications of NM‐based HMNs is summarized, including the findings of the groups. Five main strategies for synthesizing NM‐based HMNs, namely silica‐assisted surfactant‐templated nucleation, surfactant‐templated sequential nucleation, soft “dual”‐template, Kirkendall effect in synergistic template, and galvanic‐replacement‐assisted surfactant template, are described in detail. In addition, the applications in ethanol oxidation electrocatalysis and hydrogenation reactions are discussed to highlight the high activity, enhanced stability, and optimal selectivity of NM‐based HMNs in (electro)catalysis. Finally, the further outlook that may lead the directions of synthesis and applications of NM‐based HMNs is prospected.