Nanosecond pulsed laser ablation of a Ag target in water was applied to prepare noble metal nanoparticles. The fundamental (λ = 1064 nm) wavelength and the second harmonic (λSHG = 532 nm) of a Nd-YAG laser system were used for the fabrication procedure. The effect of the liquid level over the target surface on the characteristics of the nanoparticles was investigated using four different values (5, 8, 16, 29 mm). The liquid volume was constant and the duration of the ablation process was 5 min. A second set of experiments were aimed at clarifying the influence of the duration of ablation. The process was interrupted after 5, 10, 15, 20, 25 min and the mass concentration of Ag in the colloid was measured. This enabled us to establish the dependence of the mass concentration of the Ag on the duration of ablation. The profile of the optical extinction spectra of the colloids was helpful in assessing the state of the solid phase and the morphology of the material. Images obtained by transmission electron microscopy were used to visualize the morphology of the nanostructures produced.