The influence of several experimental parameters on the formation of stable Alloy 625 nanoparticles dispersion in ethanol was investigated. Several analyzing methods were applied, like transmission electron microscopy, X-ray diffraction, gas chromatography, particle size analyzer in order to evaluate the particle size and size distribution, phase content, metal surface oxidation and zeta potential. The dispersion stability was followed by measuring the transmission profiles while using commercially available Hypermer KD-2 as a dispersant. The correlation among the increase of particle sizes, caused by nanoparticle coalescence and collision, concentration of dispersant and time was presented and discussed. It was concluded that the dispersant concentration affects the dispersion stability. The optimum conditions for the formation of stable dispersion are evaluated.