Ultrafine Au-Pb particles prepared by two method, (1) simultaneous evaporation of Au and Pb in inert gas and (2) subsequent vapor condensation of Pb in a differentially evacuated tube onto flying Au nanoparticles prepared by gasevaporation technique, were observed by electron microscopy. In the method (1), the particles that grew at the region where the two smoke masses converged, consisted of alloy phases. In the method (2), the particles consisted of two or three phases of Au, , and Pb phases in turn from the inner part, Pb-rich particles being composed of only two phases of and Pb.