The development of electrocatalysts composed of abundant materials capable of supporting large-scale green hydrogen production has gained prominence due to the global energy transition. Electrodeposition is one of the most used methods for fabricating these materials, particularly Ni-Co-based alloys, due to their low cost, ease of processing, and controllability of operational parameters. This study conducted a systematic literature review to evaluate recent research on the effects of different ternary alloying elements in Ni-Co-based electrocatalysts and their impact on electrocatalytic properties for the hydrogen evolution reaction (HER). The methodology involved defining keywords and search strings, searching the Scopus Preview and ScienceDirect databases, and selecting primary research articles from 2019 to 2025. Inclusion and exclusion criteria narrowed the selection to ten articles. The analysis identified four key performance parameters used by authors to evaluate catalytic performance: overpotential (η), Tafel slope (b), charge transfer resistance (Rct), and electrochemically active surface area (ECSA). The addition of ternary elements to Ni-Co alloys primarily aims to enhance one or more of these factors. Graphical comparisons revealed emerging trends, such as metal–organic frameworks (MOFs) and alternative materials like cerium dioxide, leading to electrodes with performance comparable to platinum.