The experimental activity on core@shell, metal@oxide and oxide nanoparticles (NP) grown with physical synthesis, and more specifically by low pressure gas aggregation sources (LPGAS) is reviewed, through a selection of examples encompassing some potential application in nanotechnology. After an introduction on applications of NP, a brief description of the main characteristics of the growth process of clusters and NP in the LPGAS is given. Successively, some relevant case studies are reported: • Formation of native oxide shells around the metal cores in core@shell NP. • Experimental efforts to obtain magnetic stabilization in magnetic core@shell NP by controlling their structure and morphology. • Recent advancements in NP source design and new techniques of co-deposition, with relevant results in realization of NP with greater variety of functionalities. • Recent results on reducible oxides NP, with potentialities in nano-catalysis, energy storage and other applications. Although this list is far from being exhaustive, aim of the authors is to give the reader in a descriptive way some glimpse of the physics behind the growth and the studies of low pressure gasphase synthesized NP, with their ever-growing potentialities for a rational design of new functional materials.