Diverse nanomaterials, in the forms of carbides, sulfides, oxides, metals, hydroxides, etc., have been synthesized by laser ablation in liquids (LAL) with metal targets as the dominant educts. Many advantages of LAL technique itself and its products have been revealed since 1983 when the first report about LAL was released. Different from traditional wet-chemical synthesis, one unique feature of LAL is its resultant extreme high-temperature and high-pressure local environment for the nucleation and growth of nanomaterials, despite being performed at room temperature. This extreme condition can induce the atomization and ionization of the target materials and liquid molecules to incur different chemical reactions. The laser, liquid, liquid additive, and target can significantly alter the local environment in a broad range. Thus, different phases and shapes of nanomaterials are producible even from the same target. Through directly comparing the products of LAL of 13 kinds of chosen representative metals synthesized under different conditions, this review presents and discusses current understandings, challenging issues, and perspectives related to the diversity of LAL-products, which is willing to promote a deeper investigation and discussion on a clear clarification of the chemical reactions and particle nucleation/growth processes.