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Facet‐selective etching and deposition, as determined by the landscape of surface energy, represent two powerful methods for the transformation of noble‐metal nanocrystals into nanostructures with complex shapes or morphologies. This review highlights the use of these two methods, including integration of them, for the fabrication of novel monometallic and bimetallic nanostructures with enhanced properties. We start with an introduction to the role of surface capping in controlling the facet‐selective etching or deposition on the surface of Ag nanocrystals, followed by a case study of how to maneuver etching and deposition at different facets of Pd nanocrystals for the fabrication of nanoframes. We then introduce the use of galvanic replacement to accomplish selective etching and deposition on two different facets in an orthogonal manner, transforming Pd nanocubes into Pd−Pt octapods. By complementing galvanic replacement with a chemical reduction reaction, it is also feasible to control the rates of these two reactions for the conversion of Ag nanocubes into Ag@Ag−Au concave nanocubes and Ag@Au core‐shell nanocubes. These transformation methods not only greatly increase the shape diversity of metal nanocrystals but also offer nanocrystals with enhanced plasmonic and/or catalytic properties.