In this work, we present several examples of the synthesis and characterization of bimetallic nanoparticle alloys using the Laser Vaporization Controlled Condensation (LVCC) method. In the first example, the vapor phase synthesis of Au–Ag, Au–Pd, and Au–Pt nanoparticle alloys are presented. The formation of nanoalloys is concluded from the observation of one plasmon absorption band at a wavelength that varies linearly with the gold mole fraction in the nanoalloy. Both XRD data and HRTEM-EDX data confirm the formation of nanoparticle alloys and not simply mixtures of the two metal nanoparticles. Irradiation of a mixture of Au/Ag nanoparticles dispersed in water with the 532 nm unfocused laser results in efficient alloying while the 1064 nm laser radiation results only in evaporation and size reduction of the unalloyed nanoparticles. Selective absorption of the femtosecond 780 nm radiation by large Au aggregates results in the formation of smaller aggregates with fractal structures, and no evidence for the Au–Ag alloy formation. The synthesis of palladium and platinum nanoparticles alloyed with transition metals such as iron and nickel using the LVCC method is also presented. The alloyed nanoparticles (FePd, FePt, NiPd, NiPt, and FeNi) are found to be superparamagnetic.