The synthesis of nickel nanoparticles using poly(N-vinilpyrrolidone) (PVP) as protective agent was studied. The nanoparticles were prepared in air according to a modified polyol route, using nickel chloride as precursor and sodium borohydride as reducing agent. Samples with different nickel/PVP ratio were obtained. The X-ray diffraction and transmission electron microscopy (TEM) measurements indicate the occurrence of face-centered cubic metallic nickel nanoparticles with a medium diameter of 3.8 nm and good size dispersion. Fourier transformed infrared spectroscopy (FT-IR) and X-ray photoelectron spectroscopy (XPS) data show an effective interaction between the nickel nanoparticles surface and the carboxyl oxygen atoms of PVP. Magnetic measurements show single-domain nonideal superparamagnetism behavior due to dipolar magnetic coupling between particles.