The role of molecular oxygen dissolved in the solvent is often discussed as being an influential factor on particle oxidation during pulsed laser ablation in liquids. However, the formation of the particles during laser synthesis takes place under extreme conditions that enable the decomposition of the liquid medium. Reactive species of the solvent may then affect particle formation due to a chemical reaction in the reactive plasma. Experimental results show a difference between the role of dissolved molecular oxygen and the contribution from the oxygen in water molecules. Using a metallic Cu target in air-saturated water, laser ablation led to 20.5 wt % Cu, 11.5 wt % Cu O, and 68 wt % CuO nanoparticles, according to X-ray diffraction results. In contrast to particles obtained in air-saturated water, no CuO was observed in the colloid synthesized in a Schlenk ablation chamber in completely oxygen-free water. Under these conditions, less-oxidized nanoparticles (25 wt % Cu and 75 wt % Cu O) were synthesized. The results show that nanoparticle oxidation during laser synthesis is mainly caused by reactive oxygen species from the decomposition of water molecules. However, the addition of molecular oxygen promotes particle oxidation. Storage of the Cu colloid in the presence of dissolved oxygen leads, due to aging, to nanostructures with a higher oxidation state than the freshly prepared colloid. The XRD pattern of the sample prepared in air-saturated acetone showed no crystalline phases, which is possibly due to small crystallites or low particle concentration. Concentration of the particles by centrifugation showed that in the large fraction (>20 nm), even less oxidized nanoparticles (46 wt % Cu and 54 wt % Cu O) were present, although the solubility of molecular oxygen is higher in acetone than in water. The nanoparticles in acetone were stable due to a Cu-catalyzed graphite layer formed on their surfaces. The influence of the solvent on alloy synthesis is also crucial. Laser ablation of PtCu in air-saturated water led to separated large CuO and Pt-rich spherical nanoparticles, whereas homogeneous PtCu alloy nanoparticles were formed in acetone.