Noble metal-Fe3O4 dumbbell-like nanoparticles have aroused considerable attention because of their high potential as heterogeneous nanocatalysts. The designed synthesis of the advanced architecture of noble metal-Fe3O4 dumbbell-like nanoparticles with both improved catalytic activity and stability is still a challenge. Herein, through the combination of yolk@shell and dumbbell-like nanostructures, dumbbell-like Pt-Fe3O4 nanoparticles encapsulated in N-doped carbon hollow nanospheres (Pt-Fe3O4@N-carbon) as a special yolk@shell nanostructure were developed. In comparison with Pt-Fe3O4 dumbbell-like nanoparticles, Pt-Fe3O4@N-carbon yolk@shell nanoparticles showed improved catalytic activity and stability toward the liquid-phase 4-nitrophenol reduction and β-ionone oxidation, making them a promising candidate for catalysis applications.