Ni-Ag core-shell nanoparticles have been prepared by successive hydrazine reduction in ethylene glycol in the absence of protective agents. TEM analysis indicated the product was very fine and the thickness of Ag nanoshells could be controlled by the added silver nitrate concentration. The analyses of electron diffraction pattern and XRD revealed that both Ni cores and Ag shells had a fcc structure. The surface composition analysis by XPS indicated that Ni cores were fully covered by Ag nanoshells. Because of the absence of protective agent, the appropriate nickel concentration for the coating of Ag nanoshells should be less than 1.0 mM to avoid particle agglomeration. The product possessed the surface character of Ag and the magnetic property of Ni, and may have many potential applications in optical, magnetic, catalytic, biochemical, and biomedical fields. (c) 2006 Elsevier B.V. All rights reserved.