Efficient generation of high-energy hot carriers from the localized surface plasmon resonance (LSPR) of noble metal (Ag, Au and Cu) nanoparticles is fundamental to many applications based on LSPR, such as photovoltaics and photocatalysis. Theoretically, intra- and inter-band electron transitions in metal nanoparticles are two important channels for the non-radiative decay of LSPR, which determine the generation rate and energy of hot carriers. Therefore, on the basis of first-principles calculations and Drude theory, in this work we explore the potential role of alloying Ag with Cu in modulating the generation rate and energy of hot carriers by studying the intra- and inter-band electron transitions in Cu, Ag and Cu–Ag alloys. It is meaningful to find that the d-sp inter-band electron transition rates are notably increased in Cu–Ag alloys. In particular, the inter-band electron transition rates of Cu_0.5Ag_0.5 become larger than that of single Cu and Ag across the whole energy range between 1.5 and 3.2 eV. In contrast, intra-band electron transition rates of Cu–Ag alloys become smaller than that of single Cu and Ag. Because the intra-band electron transitions mainly contribute to the resistive loss in metals, which finally results in a thermal effect rather than high-energy hot carriers, the reduction of intra-band electron transitions in Cu–Ag alloy is beneficial for the transforming the energy absorbed by LSPR into high-energy hot carriers through other non-radiative channels. These results indicate that alloying of Ag and Cu can effectively improve the generation rates of high-energy hot carriers through the inter-band electron transition, but decrease the resistive loss through intra-band transition of electrons, which should be used as a guide in optimizing the non-radiative decay processes of LSPR.