Au–Ag alloy nanoparticles are physically synthesized using rapid, simple and efficient Q-switched Nd:YAG pulsed laser ablation in liquid technique (PLAL). Au and Ag colloidal solutions are separately prepared by 1064 nm laser ablation of metallic target (gold and silver) which is immersed in deionized water. Au–Ag alloy nanoparticles are prepared by irradiating the mixture of Au and Ag colloidal solutions with 532 nm of second harmonic wavelength of Nd:YAG laser at three different ratio, 3:1, 1:1 and 1:3 within different exposure times. The three of plasmon absorption bands of Au–Ag nanoparticles are shifted linearly to the lower wavelength [499.67 nm (3:1), 481.25 nm (1:1), 467.91 nm (1:3)], as compared to plasmon absorption spectra of pure Au (520 nm) and Ag (400 nm). Moreover, the change in colors are also observed from red (Au) and yellow (Ag) to orange, brown and green color due to the Au–Ag alloy formations, respectively. Transmission electron microscopy shows the Ag shell around the inner core of Au spherical metal with broad size distribution due to the three different volume ratio, respectively (1.7 nm, 0.7 nm, 1.4 nm). Energy-dispersive X-ray spectroscopy analysis confirms the presence of Au and Ag elements in Au–Ag alloy nanoparticles without any contaminations. Attenuated total reflectance fourier transform infrared spectroscopy analysis also confirms the homogenous Au–Ag alloys chemical bonding.