In this study we elucidate the structural distinctions between amorphous and crystalline Ni2P nanoparticles synthesized using tri-n-octylphosphine (TOP), through X-ray absorption spectroscopy (XAS), X-ray diffraction (XRD), and inductively coupled plasma (ICP). We determine the differences in their chemical and atomic structure, which have not been previously reported, yet are essential for understanding their potential as nanocatalysts. These structural characteristics are related to the corresponding nanoparticle magnetic properties analyzed by performing magnetic measurements. XAS results reveal a significant P concentration in the amorphous nanoparticle sample – placing the stoichiometry close to Ni2P – despite XRD results that show only fcc Ni contributions. By comparing the long-range structural order from XRD to the short-range radial structure from EXAFS we conclude that both techniques are necessary to obtain a complete structural picture of amorphous and crystalline nanoparticle phases due to the limitations of XRD amorphous characterization. We find that phases are amorphous with respect to XRD when their offsets (deviations) from bulk interatomic distances have a standard deviation as high as ∼4.82. Phases with lower standard deviation (e.g., ≲1.22), however, are detectable as crystalline through XRD. The possible presence of amorphous phases should be considered when using XRD alone for nanoparticle characterization. This is particularly important when highly reactive reagents such as TOP are used in synthesis. By characterizing amorphous nickel phosphide nanoparticles that have a comparable stoichiometry to Ni2P, we confirm that TOP serves as a highly effective phosphorus source, even at temperatures as low as 230 °C. Unintended amorphous structure domains may significantly affect nanoparticle properties, and in turn, their functionality.