As a result of its versatility and simplicity, the chemical precipitation technique remains one of the most widely used methods for the preparation of finely dispersed matter with well-controlled properties. This review deals with the synthesis of highly uniform metallic particles of simple and complex natures by precipitation in homogeneous solutions. The mechanisms of the formation of such particles and the ability to tailor their size, size distribution, morphology, internal composition, and surface properties to the requirements of specific applications are discussed.