Trimetallic PdAuAg catalysts with two different morphologies are prepared by a co-reduction method. Both of the trimetallic catalysts exhibit higher selectivity than mono- and bimetallic catalysts. Compared with the cuboctahedral catalyst, the mesocrystal catalyst exhibits higher activity and selectivity. Enhanced activity could be ascribed to the high concentration of defect sites. Increase of facet (1 1 1)/(1 0 0) ratio and Pd–C phase contribute to the improved selectivity.