Ni core Ag shell nanoparticles were synthesized by redox transmetallation reaction. Reduction potential match was encouraging to attempt the synthesis of Ni core Au shell system too. However, it could be achieved only after an effective surface modification on Ni-core. Thorough characterizations (UV-Vis spectroscopy, Fluorescence spectroscopy, XRD, XPS, FTIR, TEM, EDX) proved the necessity of 10 surface modification and the success of synthesis of both types of core-shell structures. The chemical composition and topography were determined using STEM-HAADF analysis and EFTEM imaging. Fourier transform infrared (FTIR) spectroscopy confirmed the surface modification of Ni nanoparticles and the interactions involved between the ligands and metals (in core and/or shell) at various steps of the synthetic process. Even after the formation of noble metal shell the magnetic core was found to retain its superparamagnetic nature. On addition, Au-shell protected the core from aerial oxidation and decreased toxicity as compared to pristine Ni nanoparticles as 15 observed by MTT assay on normal cells (PBMC).