Designing a highly active, stable and cost-effective electrocatalyst with multiple functionalities toward hydrogen evolution and oxygen reduction applications is crucial for the development of renewable energy sources. Here, the synthesis of hollow PtNi nanostrings via a facile two-step template method is reported. The PtNi nanostrings own Pt-rich rough surfaces, and hollow string-like structure with the structural disorder morphology. Impressively, the unique hollow PtNi nanostrings exhibit excellent electrocatalytic activity toward the hydrogen evolution and oxygen reduction reactions. The obtained overpotential is only 44.60 mV at current density of 10 mA cm-2 for hydrogen evolution reaction. Furthermore, the hollow PtNi nanostrings exhibit a high mass activity of 2.5 A mg-1Pt and a superior specific activity of 3.89 mA cm-2 at 0.90 V versus reversible hydrogen electrode in oxygen reduction reaction, respectively, which are 10 and 9 times higher than those of the commercial Pt/C. This work provides a promising approach for the synthesis of highly bifunctional electrocatalysts with a hollow sting-like structure to promote their application in the hydrogen evolution and oxygen reduction reactions.