This chapter describes the functions and versatility of monohydric alcohols in synthesis of fine colloidal nanoparticles, where they perform dual roles as a solvent as well as a reductant but may also provide stabilizing effects. During the synthetic process, nanoparticles with a variety of sizes and shapes can be fabricated by fine-tuning the nature of the alcohol through modification of its chain length and other reaction conditions. Other factors such as the influence of alcohol concentration on internal structure, particle size, morphology and mechanism of nanoparticle formation (using spectral investigations, particularly microscopic and X-ray techniques) are also described in detail. The role of green reaction conditions, namely microwave, sonication and heterogeneous media such as zeolites, in controlling the solvent ability and reducing power of alcohols are also discussed.