A method of synthesizing nanoparticles includes: combining at least one stabilizing agent, at least one precursor and an ionic liquid to form a reaction mixture; heating the reaction mixture to a predetermined temperature to form the nanoparticles and cause the nanoparticles to self-separate from the reaction mixture; and collecting the nanoparticles from the reaction mixture. Ionic liquid from which the nanoparticles are separated may be reused.