In this paper, we present two studies of nanocrystals prepared by the pulsed laser vaporization–controlled condensation (LVCC) technique. In the first study, we present a comparison between the surface oxidation, morphology and the photoluminescence (PL) properties of Si and Ge nanocrystals. In the second study, we compare the photochromic properties of Mo and W oxides nanoparticles with the properties of the corresponding bulk materials. We also present evidence for a novel photoreduction of the white WO3 nanoparticles into the blue W2O5 following the irradiation of the particles with the second harmonic of the Nd:YAG laser in air. These studies illustrate the novel properties of the nanoscale particles, which could lead to significant practical and technological applications.