The present invention relates to the preparation of nanoparticles of silver (Ag) and silver alloyed with other elements such as platinum (Pt), palladium (Pd), gold (Au), aluminum (Al), cadmium (Cd) and sulfur (S) in surfactant solutions. The surfactant molecules have the intrinsic property to adsorb into the interface, which are formed between two different phases. Thus, the surfactant molecules would adsorb into the surface of nuclei in solution. The adsorbed surfactant molecules from the solution prevent the coalescence of particles and control the rate of particle growth. By choosing the proper kind and/or concentration of surfactants, the size of particles formed in solution can be controlled in nm scale.