Nanocharacterization is essential for nanoengineering of new types of core-shell (c-s) nanoparticles, which can be used to design new devices for photonics, electronics, catalysis, medicine, etc. X-ray photoelectron spectroscopy (XPS) has been widely used to study the elemental composition of the c-s nanoparticles. However, the physical and chemical properties of a c-s nanoparticle dramatically depend on the sizes of its core and shell. We therefore propose a general equation for the XPS intensity of a c-s nanoparticle, which is based on an analytical model. With this equation, XPS can now also be used for nanocharacterization of the core and shell sizes of the c-s nanoparticles (with a diameter smaller than or equal to the XPS probing depth of ∼ 10 nm). To validate the new equation with experimental XPS data, we first determine the average shell thickness of a group of c-s nanoparticles by comparing the XPS intensity of reference bare cores to that of the c-s nanoparticles. Then we study the growth kinetics of the cores and shells of another group of c-s nanoparticles where the shells are obtained by oxidation.