The nanoparticle colorimetric-based methods have been extensively used for rapid detection, however there are few limitations which can be kept under control or avoided by understanding the crucial parameters involved in these reactions. This review addresses the main parameters that influence colorimetric-based methods and provides a rational classification of the current approaches, by focusing particularly on gold nanoparticles (AuNPs) and silver nanoparticles (AgNPs). The AgNP and AuNP-based colorimetric assays can be very efficient and sensitive especially for biomolecule identification and for metal ion detection in environmental screening. Specifically, this review highlights the detection of metal ions through their coordination with nanoparticle stabilizing ligands. The review also addresses various approaches based on label-free aptasensors to better understand their role as smart colorimetric sensing devices.