Silver and gold nanoparticles were prepared by using nanosecond pulsed laser ablation. Ablation of pure metal targets (Ag and Au) for nanoparticle colloidal production was studied in de-ionized water. The optical properties were studied with Ultraviolet- Visible (UV-Vis) spectrophotometer. The spectra reveal sharp peaks due to surface plasmon absorption peaks at 405 nm and 523 nm for Ag and Au respectively. The size and shape of nanoparticles was investigated by Transmission Electron Microscope (TEM). Spherical shapes with average diameters of 10 nm and 6 nm for silver and gold nanoparticles were found respectively.