Bismuth(Bi) nanoparticles were synthesized at room temperature by a modified polyol process using bismuth(III) carbonate basic as precursor. In addition, some characteristics of the synthesis with respect to the exchange of a capping agent/surface stabilizer and solvent type were observed. When polyvinylpyrroldone was added, the finest Bi nanoparticles were synthesized in diethylene glycol(DEG), while the coarsest nanoparticles were formed in polyethylene glycol(PEG). The particle size immediately after synthesis was proportionate to final particle size which was determined by particle growth through coalescence and aggregation during drying. As a result, the finest Bi particles with the diameter range of several tens of nanometers - 300 nm were finally obtained in DEG. Regardless of the type of capping agent/surface stabilizer, extensive coalescence and aggregation behavior occurred in PEG, resulting in final products agglomerated with coarse particles.