In this study, first we examine nanoparticle formation by femtosecond laser ablation under different experimental conditions. The dynamics of the laser plume expansion is investigated and the possibility of primary nanoparticle formation is analyzed. Then, we consider thermalization process in a background environment, diffusion-driven nucleation and longer scale nanoparticle aggregation/sintering. In addition, laser-assisted fragmentation of nanoparticles is examined, which can play a particular role in the multi-pulse regime. In this later case, nanoparticle size distribution results from an ensemble of processes thus revealing different particle populations. Calculations are performed for metals under different background conditions. The calculation results explain recent experimental findings and help to predict the role of the experimental parameters. The obtained nanoparticles are also used to form nanostructures. The performed analysis thus indicates ways of a control over the involved laser-assisted techniques.