We performed in-situ transmission electron microscopy (TEM) on a dealloyed nanoporous NiCo catalyst used for the dry reforming of methane (DRM) to investigate the origin of the catalytic activity and structural durability. The in-situ observations and local chemical analysis indicated that the DRM induced chemical demixing of Ni and Co accompanied by grain refinement, implying possible “synergic effects” in a general bimetallic NiCo catalyst when used for the DRM.