The synthesis of nanoparticles with particular compositions and structures can lead to nanoparticles with notable physicochemical properties, thus promoting their use in various applications. In this area of nanoscience, the focus is shifting from size-and shape-uniform single-component nanoparticles to multicomponent nanoparticles with enhanced performance and/or multifunctionality. With the increasing complexity of synthetic reactions, an understanding of the formation mechanisms of the nanoparticles is needed to enable a systematic synthetic approach. This Review highlights mechanistic studies underlying the synthesis of nanoparticles, with an emphasis on nucleation and growth behaviours that are not expected from classical theories. We discuss the structural properties of nanoclusters that are of a size that bridges molecules and solids. We then describe the role of nanoclusters in the prenucleation process as well as in nonclassical nucleation models. The growth of nanoparticles via the assembly and merging of primary particles is also overviewed. Finally, we present the heterogeneous nucleation mechanisms behind the synthesis of multicomponent nanoparticles.