Microwave irradiation is widely used to intensify various chemical processes, including in the synthesis of nanomaterials. The purpose of this review is to present recent trends in the application of microwave heating for the preparation of monometallic, bimetallic, and more complicated metal nanoparticles. The advantages and drawbacks behind the use of microwave irradiation in the synthesis of unsupported and supported metal nanoparticles are summarized. Such metals as Ag, Au, Pt, Pd, Rh, Ir, Cu, Ni, Co, etc. are considered. Illustrative examples have been presented of the positive effects of microwave treatments, including the preparation of particles of different shapes and particles of immiscible metals.