In this study, the effects of the dispersants, i.e., Hypermer KD-2 and poly(l-vinyl-2-pyrrolidone) (PVP), and their concentration on the dispersion stability of Ni nanoparticles () in ethanol were investigated by using a visual inspection, a transmission profile (Turbiscan), and a zeta potential measurement. The transmission profiles measured by Turbiscan showed that the particle size increased over the entire height of the sample for suspensions with both the dispersants without showing any particle coalescence and sedimentation. The visual inspection also confirmed that the Ni suspensions with Hypermer KD-2 and PVP were very stable for more than a year. The zeta potential values varied from positive to negative with increasing the dispersant's concentration. The dispersion stability of the suspensions was not affected by both the dispersant's concentration and the zeta potential values. The observed suspension stability of Ni nanoparticles was attributed to the steric effect for the Hypermer KD-2 and to the bridging effect for the PVP.