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Colloidal lead‐free perovskite nanocrystals have recently received extensive attention because of their facile synthesis, the outstanding size‐tunable optoelectronic properties, and less or no toxicity in their commercial applications. Tin (Sn) has so far led to the most efficient lead‐free solar cells, yet showing highly unstable characteristics in ambient conditions. Here, we propose the synthesis of all‐inorganic mixture Sn‐Ge perovskite nanocrystals, demonstrating the role of Ge2+ in stabilizing Sn2+ cation while enhancing the optical and photophysical properties. The partial replacement of Sn atoms by Ge atoms in the nanostructures effectively fills the high density of Sn vacancies, reducing the surface traps and leading to a longer excitonic lifetime and increased photoluminescence quantum yield. The resultant Sn‐Ge nanocrystals‐based devices show the highest efficiency of 4.9 %, enhanced by nearly 60 % compared to that of pure Sn nanocrystals‐based devices., CsSn0.6Ge0.4I3 nanocrystals have been synthesized for the first time by a B‐site co‐alloying strategy. The introduction of Ge effectively decreases the high density of intrinsic Sn defects, resulting in an extended excitonic lifetime and enhanced solar cell performance. The stability of the new nanocrystals also improves owing to the effective protection of Sn2+ against oxidation.