The influence of cavitation bubble dynamics is investigated during nanoparticle synthesis by ps laser ablation of Au targets in distilled and deionized water. The height of the liquid column and the ambient pressure is found to strongly influence both the maximum bubble radius and the collapse time, and thus the nanoparticle size distribution. The bubble radius is fit to the Rayleigh–Plesset equation and the results are compared to earlier studies with ns lasers. These results are interpreted in the light of recent computational work and the strong body of experimental evidence that shows the fundamental role the central cavitation bubble plays in determining the size distribution of nanoparticles in laser ablation in liquids.