Noble metal-based nanomaterials possess outstanding catalytic properties in various chemical reactions. However, the increasing cost of noble metals severely hinders their large-scale applications. A cost-effective strategy is incorporating noble metals with light nonmetal elements (e.g., H, B, C, N, P and S) to form noble metal-based nanocompounds, which can not only reduce the noble metal content, but also promote their catalytic performances by tuning their crystal lattices and introducing additional active sites. In this review, we present a concise overview of the recent advancements in the preparation and application of various kinds of noble metal-light nonmetal binary nanocompounds. Besides introducing synthetic strategies, we focus on the effects of introducing light nonmetal elements on the lattice structures of noble metals and highlight notable progress in the lattice strain engineering of representative core-shell nanostructures derived from these nanocompounds. In the meantime, the catalytic applications of the light element-incorporated noble metal-based nanomaterials are discussed. Finally, we discuss current challenges and future perspectives in the development of noble metal-nonmetal based nanomaterials.