Anisotropic polymetallic hollow nanostructures are highly desired for many applications because of their unique morphology, large specific surface areas and attractive electronic effects. Here, a simple method using gold nanorods as a self-sacrificed template has been developed for the fabrication of hollow dumbbell-like nanorods of Au@PtAg. The formation of the hollow structures involves the growth of another metallic shell first, and then the etching of gold nanorods, which is induced by oxygen and ascorbic acid. The lattice mismatch and cohesive energy of the shell, along with its surface passivation, greatly affect the subsequent etching and the resulting products, as has been demonstrated by a positive control in the case of Rh and a negative control in the case of Pd. Hollow dumbbell-like nanorods of Au@PtAg show great enhancement for the dehydrogenation pathway in the oxidation of formic acid, as compared to solid Au@PtAg nanorods, PtAu nanotubes and commercial Pt/C.