In this article, we reported the synthesis of thermoresponsive palladium nanoparticles, stabilized by polymer‐tagged N‐heterocyclic carbenes (NHCs), using two different approaches. In one case, the nanoparticles were synthesized from the NHC–palladium complex, while in other cases, palladium nanoparticles and NHC were synthesized simultaneously for the in situ cappings of the nanomaterial. While the thermoresponsive nature of the nanomaterials was observed in both cases, differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA) analyses showed distinct characteristics in the thermal behavior of those materials. High‐resolution transmission electron microscopic (HRTEM) and scanning electron microscopic studies separately revealed temperature‐dependent aggregation in both cases although separate patterns were observed when the nanomaterials were synthesized using different approaches. Finally, both the nanomaterials were successfully used as a recyclable catalyst for Suzuki reactions in an aqueous medium, with slightly different catalytic activity, plausibly due to variations in the size of the nanoparticles.