A one-pot route was illustrated to synthesize stable well-dispersed silver colloids stabilized by polyacrylamide on a large scale. Reduction of silver ions and polymerization of acrylamide occurred almost simultaneously in the absence of a commonly used reducing agent and initiator. A possible mechanism for the formation of silver nanoparticles with bimodal size distribution was proposed. The structure and composition of the obtained nanoparticles were characterized carefully. Furthermore, light scattering simulation and UV-vis absorption studies confirmed that the obtained colloids were the mixture of Ag and Ag2O nanoparticles. The presence of silver oxide layers on the nanoparticle surface should be responsible for the broadening of the surface plasmon band of silver nanoparticles. Ag2O layers could be added or removed from Ag nanoparticle surfaces by the addition of HNO3, HAc, or NaCl solution to the as-obtained silver colloids.