The core-shell Zn-ZnO nanostructures were fabricated from Zn-powder embedded in graphite (i.e. carbon matrix) in a thin-films form by an inexpensive vacuum arc technique followed by laser ablation. The grazing incidence X-ray diffraction pattern shows that intensity of Zn-peak decreases, and subtle ZnOpeak increasing with the increase in laser power. The high resolution transmission electron microscopic study clearly exhibits the formation of a core-shell nanostructure as fabricated by laser ablation. The emission characteristics of laser ablated (with different powers) samples show a strong exciton peak at 388 nm, and a few more weak peaks (due to weak defect states in the visible range). The optical absorption spectra were obtained from the excitonic peaks (from 344 nm to 317 nm) on decreasing laser power. These peaks occur due to the coupling of exciton absorption (from ZnO shell layer) and core metal interband absorption. The Zn-ZnO core-shell nanostructure is useful for nanophotonic applications.