Various embodiments include a method of producing chemically pure and stably dispersed metal and metal-alloy nanoparticle colloids with ultrafast pulsed laser ablation. A method comprises irradiating a metal or metal alloy target submerged in a liquid with ultrashort laser pulses at a high repetition rate, cooling a portion of the liquid that includes an irradiated region, and collecting nanoparticles produced with the laser irradiation and liquid cooling. The method may be implemented with a high repetition rate ultrafast pulsed laser source, an optical system for focusing and moving the pulsed laser beams, a metal or metal alloy target submerged in a liquid, and a liquid circulating system to cool the laser focal volume and collect the nanoparticle products. By controlling various laser parameters, and with optional liquid flow movement, the method provides stable colloids of dispersed metal and metal-alloy nanoparticles. In various embodiments additional stabilizing chemical agents are not required.