The antimony oxide/reduced graphene oxide (Sb2O3/rGO) nanocomposites are used as anode of Li-ion and Na-ion batteries (LIBs and NIBs). However, it is unclear about Li-ion and Na-ion storage mechanism in Sb2O3/rGO nanocomposites. Herein, the conversion-alloying mechanisms of Sb2O3/rGO anodes for Na-ion and Li-ion storage are comparatively studied with a combined in-situ XRD and quasi in-situ XPS method. The distinct behaviours are monitored during (de)lithiation and (de)sodiation with respect to crystal structure and chemical composition evolution. It is evidenced that the Na-ion can be easily transported to the inner part of the Sb2O3, where the Li-ion almost cannot reach, leading to a fully transformation during sodiation. In addition, the conversion reaction product of amorphous Na2O display their better chemical stability than amorphous Li2O during electrochemical cycles, which contribute to a stable and long cycling life of NIBs. This work gain insight into the high-capacity anodes with conversation-alloying mechanism for NIBs.