Modifying the electronic structure of precious metals by alloying with non-precious metals is a proven strategy for enhancing the performance of dehydrogenation catalysts. In this work, a PdCo alloy catalyst supported on N-doped carbon dots (NCDs) was synthesized using a straightforward hydrothermal and reduction process. This catalyst effectively promoted the dehydrogenation of formic acid without the need for any additives at 323 K. The confinement effect of NCDs facilitated the formation of uniformly dispersed PdCo alloy particles (average size of 2.7 nm). X-ray photoelectron spectroscopy analysis revealed that the addition of Co not only increases the electron density of Pd but also enhances the electronic support from the electron-rich N atoms in NCDs, thereby significantly improving catalytic activity. Through optimization of the Pd-to-Co molar ratio, it was determined that Pd