Laser ablation and excitation of nanoparticles in liquids has been proposed as an alternative synthesis method of advanced nanomaterials, addressing some of these drawbacks of the current fabrication methods. For the last decade, this method has proven to be a unique and efficient technique to generate, excite, fragment, and conjugate elemental, nanoalloy, semiconductor, ceramic, and organic nanoparticles. This exciting method bears strong advantages: (i) Chemical precursors are not required and thus a pure colloid is obtained by a simple, one step process. (ii) Laser-generated nanoparticles have a high surface activity - the surface is not blocked by ligands. (iii) This method can be applied universally with an almost unlimited variety of materials and solvents. It has recently been shown that these advantages are of value in comparison to conventional synthesis, in particular in the applications to the fields of biomedicine and catalyst. Pulse laser excitation induces not only ablation of solids but also fragmentation, melting, and annealing, which results in the unique properties of the generated nanomaterials, such as submicrometer spheres, metastable phases, and organic-inorganic nano-composites. The recent advancements and critical aspects in the fields of pulse laser-based nanomaterial generation in liquids will be discussed at ANGEL 2014.