We report a simple one-step solution combustion method for the preparation of ultrafine Ni, NiO and Ni/NiO nanostructures. The fuel-to-oxidizer ratio can be tuned to control the formation of either nanoparticles (Ni or NiO) or nanocomposites (Ni/NiO). The resultant nanostructures are characterized by x-ray diffraction, scanning electron microscopy, Raman spectroscopy and vibrating sample magnetometer. Processing under fuel rich conditions leads to the formation of Ni/NiO nanocomposite while fuel lean environment results in primarily NiO. The processing conditions influence the stoichiometry and the size (6.8 to 39.5 nm) of NiO nanoparticles. The intensity of one- phonon Raman longitudinal optical mode is found to be higher than two-phonon optical mode for non-stoichiometric NiO. The saturation magnetization and coercivity of the as-synthesized powders are influenced by the ratio of Ni to NiO, stoichiometry of NiO and pore size.