Metallic nanoparticles have gained attention in technological fields, particularly photonics. The creation of silver/gold (Ag/Au) alloy NPs upon laser exposure of an assembly of these NPs was described. First, using the Nd: YAG pulsed laser ablation's second harmonic at the same average power and exposure time, Ag and Au NPs in distilled water were created individually. Next, the assembly of Ag and Au NP colloids was exposed again to the pulsed laser, and the effects were examined at different average powers and exposure times. Furthermore, Ag/Au alloy nanoparticles were synthesized with by raising the average power and exposure time. The absorption spectrum, average size, and shape of alloy NPs were obtained by using an ultraviolet-visible (UV-Vis) spectrophotometer and transmission electron microscope instrument. Ag/Au alloy NPs have been obtained in the limit of quantum dots (<10 nm). The optical band gap energies of the Ag/Au alloy colloidal solutions were assessed for different Ag/Au alloy NP concentrations and NP sizes as a function of the exposure time and average power. The experimental data showed a trend toward an increasing bandgap with decreasing nanoparticle size. The nonlinear optical characteristics of Ag/Au NPs were evaluated and measured by the Z-scan technique using high repetition rate (80 MHz), femtosecond (100 fs), and near-infrared (NIR) (750-850 nm) laser pulses. In open aperture (OA) Z-scan measurements, Ag, Au, and Ag/AuNPs present reverse saturation absorption (RSA) behavior, indicating a positive nonlinear absorption (NLA) coefficient. In the close-aperture (CA) measurements, the nonlinear refractive (NLR) indices (n2) of the Ag, Au, and Ag/Au NP samples were ascribed to the self-defocusing effect, indicating an effective negative nonlinearity for the nanoparticles. The NLA and NLR characteristics of the Ag/Au NPs colloids were found to be influenced by the incident power and excitation wavelength. The optical limiting (OL) effects of the Ag/Au alloy solution at various excitation wavelengths were studied. The OL effect of alloy NPs is greater than that of monometallic NPs. The Ag/Au bimetallic nanoparticles were found to be more suitable for optical-limiting applications.