Multicomponent nanoparticles include two or more dissimilar components selected from different members of the group of noble metals, base transition metals, alkali earth metals, and rare earth metals and/or different groups of the periodic table of elements. The two or more dissimilar components are dispersed using a polyfunctional dispersing agent such that the multicomponent nanoparticles have a substantially uniform distribution of the two or more dissimilar components. The polyfunctional dispersing agent may include organic molecules, polymers, oligomers, or salts of these. The molecules of the dispersing agent bind to the dissimilar components to overcome same-component attraction, thereby allowing the dissimilar components to form multicomponent nanoparticles. Dissimilar components such as iron and platinum can be alloyed together using the dispersing agent to form substantially uniform multicomponent nanoparticles, which can be used alone or with a support. At least a portion of the dispersing agent is removed by reduction and/or oxidation.