We performed a detailed study of Ni/NiO core-shell nanoparticles (NP) obtained with a gas aggregation source. The NP oxide shells were produced by oxidizing the NP with different procedures: deposition in oxygen atmosphere, post-annealing in air, sequential deposition of (a) first NiO layer, (b) Ni NP and (c) third NiO Layer. X-ray photoelectron spectroscopy from Ni 2p core-level gave information about the chemical state of Ni in the core and in the oxide shell, while scanning electron microscopy was used for investigation of the NP morphology. High quality scanning transmission electron microscopy in high angle annular dark field mode data demonstrated core-shell structure also for NiO/Ni NP/NiO samples. Field-cooled/zero-field-cooled magnetization curves and field-cooled isothermal hysteresis cycles at T = 5K were recorded by a SQUID magnetometer. In this way, the relation between magnetic properties and oxide shell structure was assessed, showing the role played by the control of the formation of oxide on the exchange bias and interparticle magnetic interaction. (C) 2014 Elsevier B.V. All rights reserved.