In the last decade, the semi-hydrogenation of alkynes has experienced significant advances in terms of fine control of alkene selectivity and prevention of the over-hydrogenation reaction. Such advances have been possible to a large extent through the progress in colloidal methods for the preparation of metallic nanoparticles. The present review describes the contributions in the field of the selective hydrogenation of alkynes involving the utilization of colloidal methodologies. These approaches permit the fine modulation of several parameters affecting the catalytic performance of the active phase such as the particle size, the bulk and the surface structure and composition. For the transformation of liquid substrates, the nature of the stabilizers, the reducing agents and the metal precursors employed for the synthesis of the catalysts can be tuned to enhance the alkene selectivity. In contrast, in catalytic transformations of gaseous substrates, the presence of adsorbed species at the metal surface usually gives detrimental results while the interplay between the support and the active phase appears to be a more convincing alternative for catalyst tuning.