Core-shell nanoparticles represent a class of materials that exhibit a variety of properties. By rationally tuning the cores and the shells in such nanoparticles (NPs), a range of materials with tailorable properties can be produced which are of interest for a wide variety of applications. Herein, experimental and theoretical approaches have been combined to show the structural transformation of NPs resulting to the formation of either NiFexCy encapsulated in ultra-thin graphene layer (NiFe@UTG) or Ni3C/FexCy@FeOx NPs with the universal one-step pulse laser ablation in liquid (PLAL) method. Analysis suggests that carbon in Ni3C is the source for the carbon shell formation, whereas the final carbon-shell thickness in the NPs originates from the difference between Ni3C and FexCy phases stability at room temperature. The ternary Ni-Fe-C phase diagram calculations reveal the competition between carbon solubility in the studied metals (Ni and Fe) and their tendency toward oxidation as the key properties to produce controlled core-shell NP materials. As an application example, the electrocatalytic hydrogen evolution current on the different NPs is measured. The electrochemical analysis of the NPs reveals that NiFe@UTG has the best performance amongst the NPs in this study in both alkaline and acidic media. (C) 2019 Published by Elsevier Inc.