Ni/NiO nanoparticles were synthesized by metal organics chemical vapor deposition of nickel acetylacetonate in an externally heated tube flow reactor at moderate temperatures, up to 500˚C. Particle production and characteristics were studied by evaluating the effects of reactor temperature, precursor concentration, and flow rate through the reactor. In addition, two precursor decomposition methods were examined: thermal decomposition and reduction by hydrogen. Particle production was monitored with a scanning mobility particle sizer, and particle characteristics were studied using transmission electron microscopy, high resolution transmission electron microscopy, selected area electron diffraction, and energy dispersive spectroscopy. The presence of hydrogen in the reaction mixture influenced significantly both particle production and their characteristics.