Monodisperse, quasi-spherical silver nanocrystals (Ag NCs) have been produced directly in water via adding the aqueous solution of a mixture of AgNO3, sodium citrate, and KI into the boiling aqueous solutions of ascorbic acid (AA). The AA is used to significantly accelerate reduction of AgNO3 in order to promote a very fast nucleation, and the KI is used to tailor the growth of the Ag NCs into a quasi-spherical shape via its preferential adsorption on the NC (111} facets. The major role of citrate is to stabilize the newly formed NCs, whereas it has a minor contribution to reduction of AgNO3. The synergy of the effects of AA, citrate, and KI can significantly narrow the size distributions of the Ag NCs obtained so and transform the NC shapes to be truly quasi-spherical.