Laser ablation in liquids is now commonly used to produce colloidal nanoparticles (NPs) that have found numerous applications in different areas. In experiments, NPs of different materials can be rather easily obtained by using laser systems with various pulse durations, shapes, wavelengths, and fluences. In this paper, we focus our attention on metal (gold) NPs produced by ultra-short laser pulses. To better understand the mechanisms of the NPs formation, we perform modeling of femtosecond laser interactions with a gold target in the presence of liquid (water). Simulation of the ablation process over several nanoseconds shows that most of the primary NPs originate from the ablated metastable liquid layer, whereas only a minority is formed by condensation inside the cavitation bubble. These particles will further grow/evaporate, and coagulate during a much longer collision stage in the liquid colloid.