Single crystalline noble metal nanocages are the most promising candidates for heterogeneous catalysis due to their large specific surface area, well-defined structure and enhanced structural stability. Herein, based on the observation of an unexpected phenomenon that the alloying of Pt and transition metals by co-reduction is more preferential than the formation of pure Pt NCs, we propose a feasible one-pot strategy to synthesize a uniformly epitaxial core-shell Pt-Ni structure with a Ni-rich alloy as the core and a Pt-rich alloy as the shell. The as-prepared Pt-Ni core-shell structures are subsequently etched into monocrystalline Pt-Ni branched nanocages with the wall thickness being 2.8 nm. This unique structure exhibits excellent catalytic performance and stability for the hydrogen evolution reaction (HER) in alkaline solution which is of great significance for the energy-intensive water-alkali and chlor-alkali industry.