Chemical synthesis of platinum-rare earth metal (Pt-RE) nanoalloys, one of the most active catalysts for the oxygen reduction reaction, has been a formidable challenge, mainly due to the vastly different standard reduction potentials of the two metals and high oxophilicity of the latter. Here we report a universal chemical process to prepare Pt-RE nanoalloys with tunable compositions and particle sizes. Pt and RE metal ions from the most common hydrated metal salts are first atomically embedded into an in situ formed C-N network, yielding a stable compound insensitive to O2 and H2O. The Pt-RE nanoalloys are subsequently obtained by heating the compound under a mild reducing atmosphere (e.g., 3.3% H2/Ar). The key intermediate step of the process is the formation of RE carbodiimides (RE2(CN2)3) along with Pt particles. This synthesis mechanism suggests an efficient strategy to prepare nanoalloys with highly reactive metals.