Colloidal Bi/Bi2O3 and single phase Bi nanoparticles were synthesized by pulsed Nd:YAG laser ablation of metallic bismuth target in different organic liquids. In this research, the structural characteristic, optical properties, and colloidal stability of Bi and Bi/Bi2O3 nanoparticles have been studied. Furthermore, the mechanism of nanoparticles formation in liquid media by laser ablation of Bi-based nanoparticles was proposed in different liquid environments based on their chemical nature. X-ray diffraction, scanning electron microscopy and optical extinction spectroscopy indicate the formation of pure Bi and Bi/Bi2O3 nanoparticles with mean size of 32, 43 and 54 nm in methanol, ethanol, and EMK, respectively, which indicate a mixture of different phases including rhombohedra crystal structure of Bi, monoclinic α-Bi2O3, and tetragonal β-Bi2O3. Finally, this research demonstrates the effect of the surrounding environment on characteristic properties of nanoparticles and clarifies the size, structural characteristics, and optical properties of the synthesized nanoparticles.