Silver (Ag) and copper (Cu) nanoparticles have shown great potential in variety applications due to their excellent electrical and thermal properties resulting high demand in the market. Decreasing in size to nanometer scale has shown distinct improvement in these inherent properties due to larger surface-to-volume ratio. Ag and Cu nanoparticles are also shown higher surface reactivity, and therefore being used to improve interfacial and catalytic process. Their melting points have also dramatically decreased compared with bulk and thus can be processed at relatively low temperature. Besides, regularly alloying Ag into Cu to create Ag–Cu alloy nanoparticles could be used to improve fast oxidizing property of Cu nanoparticles. There are varieties methods have been reported on the synthesis of Ag, Cu, and Ag–Cu alloy nanoparticles. This review aims to cover chemical reduction means for synthesis of those nanoparticles. Advances of this technique utilizing different reagents namely metal salt precursors, reducing agents, and stabilizers, as well as their effects on respective nanoparticles have been systematically reviewed. Other parameters such as pH and temperature that have been considered as an important factor influencing the quality of those nanoparticles have also been reviewed thoroughly.