Metal nanoparticles can be used as building blocks for the formation of nanostructured materials. For the design of materials with specific (optical) properties, several approaches can be followed, even when starting from the very same basic units. In this article, a survey is provided of the optical properties of noble metal nanoparticles, specifically gold, silver, and their combinations, prepared in solution through colloid chemical methods. The optical properties are shown to be mainly influenced by the surface plasmon resonance of conduction electrons, the frequency of which is not only determined by the nature of the metal but also by a number of other parameters, such as particle size and shape, the presence of a capping shell on the particle surface, or the dielectric properties of the surrounding medium. Recent results showing how these various parameters affect the optical properties are reviewed. The results highlight the high degree of control that can now be achieved through colloid chemical synthesis.