Nanoparticles (NPs), which have been investigated intensively as electrocatalysts, are usually synthesized by chemical methods that allow precise size and shape control. However, it is difficult to control the components and compositions of alloy NPs. On the other hand, the conventional physical method, sputtering with solid substrates, allows for facile composition control but size control is difficult. Recently, "liquid medium sputtering" has been suggested as an alternative method that is capable of combining the advantages of the chemical and conventional physical methods. In this review, we will discuss NP synthesis via the liquid medium sputtering technique using ionic liquid and low-volatile polymer media. In addition, potential applications of the technique, including the generation of oxygen reduction reaction electrocatalysts, will be discussed.