Using the polymerizable hydrophobic styrene monomer as the dispersion medium and the traditional nonionic surfactant OP-10 as emulsifier, stable silver nanoparticles of narrow size distribution were prepared by a reverse (w/o) microemulsion method. The powder X-ray diffraction (XRD) pattern indicated that the obtained silver nanoparticles were of face-centered cubic structure. The results of the transmission electron microscopy (TEM) show that the final silver nanoparticles are of spherical structure with an average diameter of 15.2 nm and of a Gaussian distribution. The internal high-ordered structure of silver nanoparticles was characterized by the field-emission high-resolution transmission electron microscopy (FEHRTEM), indicating that the silver is monocrystalline and it has only one nucleation site during the formation process of a nanoparticle. The time-resolved UV-visible absorption spectra was used to monitor the process of the reaction in situ. The results show that the concentration of silver nanoparticles increases but the size changes little and the morphology transforms from obvious ellipsoidal shape to nearly spherical shape during the process. The experimental results indicate that the droplets’ dynamic exchange which is closely related to the nature of surfactant film is the control factor of the kinetics. The dynamic exchange mechanism of silver nanoparticle formation is proposed to involve continual encounter of two separate droplets forming transient fused dimer in which the chemical reaction occurs followed by re-separation without combination. Attributed to the dual role of surfactant in the nanoparticle formation, tailored nanoparticles can be successfully synthesized in control in the premise of a certain stability of reverse microemulsion. The powder X-ray diffraction (XRD) method was used to prepare a narrow size distribution of were prepared by a reverse (w / o) microemulsion method pattern indicated that the obtained silver nanoparticles were of face-centered cubic structure. The results of the transmission electron microscopy (TEM) show that the final silver nanoparticles are of spherical structure with an average diameter of 15.2 nm and of a Gaussian distribution. The internal high-ordered structure of silver nanoparticles was characterized by the field-emission high-resolution transmission electron microscopy (FEHRTEM), indicating that the silver is monocrystalline and it has only one nucleation site during the formation process of a nanoparticle. The time-resolved UV -visible absorption spectra was used to monitor the process of the reaction in situ. The results show that the conce ntration of silver nanoparticles increases but the size changes little and the morphology transforms from obvious ellipsoidal shape to nearly spherical shape during the process. The experimental results that that round droplets’ dynamic exchange which is closely related to the nature of surfactant film is the control factor of the kinetics. The dynamic exchange mechanism of silver nanoparticle formation is proposed to involve continual encounter of two separate droplets forming transient fused dimer in which the chemical reaction occurs followed by re-separation without combination. Attributed to the dual role of surfactant in the nanoparticle formation, tailored nanoparticles can be successfully synthesized in control in the premise of certain resistance of reverse microemulsion.