A synthesis strategy for the preparation of ultrathin free‐standing ternary‐alloy nanosheets is reported. Ultrathin Pd‐Pt‐Ag nanosheets with a thickness of approximately 3 nm were successfully prepared by co‐reduction of the metal precursors in an appropriate molar ratio in the presence of CO. Both the presence of CO and the interplay between the constituent metals provide fine control over the anisotropic two‐dimensional growth of the ternary‐alloy nanostructure. The prepared Pd‐Pt‐Ag nanosheets were superior catalysts of ethanol electrooxidation owing to their specific structural and compositional characteristics. This approach will pave the way for the design of multicomponent 2D nanomaterials with unprecedented functions. Ultrathin Pd‐Pt‐Ag nanosheets with a thickness of approximately 3 nm were successfully prepared by the co‐reduction of suitable metal precursors in an appropriate molar ratio in the presence of CO. These nanosheets are superior catalysts of ethanol electrooxidation owing to their specific structural and compositional characteristics.