In the field of synthesis and processing of noble metal nanoparticles, the study of the bottom-up method, called Ultrasonic Spray Pyrolysis (USP), is becoming increasingly important. This review analyses briefly the features of USP, to underline the physical, chemical and technological characteristics for producing nanoparticles and nanoparticle composites with Au and Ag. The main aim is to understand USP parameters, which are responsible for nanoparticle formation. There are two nanoparticle formation mechanisms in USP: Droplet-To-Particle (DTP) and Gas-To-Particle (GTP). This review shows how the USP process is able to produce Au, Ag/TiO, Au/TiO, Au/FeO and Ag/(Y Eu)O nanoparticles, and presents the mechanisms of formation for a particular type of nanoparticle. Namely, the presented Au and Ag nanoparticles are intended for use in nanomedicine, sensing applications, electrochemical devices and catalysis, in order to benefit from their properties, which cannot be achieved with identical bulk materials. The development of new noble metal nanoparticles with USP is a constant goal in Nanotechnology, with the objective to obtain increasingly predictable final properties of nanoparticles.