The works devoted to the formation and modification of nanoparticles using laser ablation of solid targets in liquids are reviewed. Several approaches to implement laser ablation in liquids, aimed at synthesising nanoparticles of complex composition, are considered: direct laser ablation of a target of corresponding composition, laser ablation of a combined target composed of two different metals, laser irradiation of a mixture of two or more colloidal solutions, and laser ablation in reactive liquids. The properties of two-component bimetallic systems (Ag — Cu, Ag — Au), semiconductor nanocrystals (ZnO, CdSe), chalcopyrite nanoparticles, and doped oxide nanoparticles (ZnO:Ag, Gd2O2:Tb3+) formed as a result of single- and double-pulse laser ablation in different liquids (water, ethanol, acetone, solutions of polysaccharides) are discussed.