The development of novel manufacturing techniques of nano-/micromaterials, especially metallodielectric materials, has enabled dynamic development of such fields as nanoplasmonics. However, the fabrication methods are still mostly based on time-consuming and costly top-down techniques limited to two-dimensional materials. Recently, directional solidification has been proposed and utilized for manufacturing of volumetric nanoplasmonic materials using the example of a Bi 2 O 3 -Ag eutectic-based nanocomposite. Here, we explain the evolution of silver in this composite, from the crystal growth through the post-growth annealing processes. Investigation with tunneling electron microscopy shows that silver initially enters the composite as an amorphous AgBiO 3 phase, which is formed as a wetting layer between the grains of Bi 2 O 3 primary phase. The post-growth annealing leads to decomposition of the amorphous phase into Bi 2 O 3 nanocrystals and intergranular Ag nanoparticles, providing the tunable localized surface plasmon resonance at yellow light wavelengths.