A screening of carbon-supported PdAg nanoparticles (NPs) (PdAg/C) in H2 production from formic acid (FA) dehydrogenation was carried out by using uniform ∼3–5 nm PdAg alloy NPs with a wide compositional range in terms of PVP/metal and Pd/Ag ratios. The evaluation of the catalytic performance combined with the detailed characterization indicated the beneficial effect of the Ag incorporation and also revealed that the best performance achieved by Pd1Ag2/C (PVP/metal = 1) can be ascribed to its optimum composition and electronic features.