The galvanic replacement reaction between silver and chloroauric acid has been exploited as a powerful means for preparing metal nanostructures with hollow interiors. Here, the utility of this approach is further extended to produce complex core/shell nanostructures made of metals by combining the replacement reaction with electroless deposition of silver. We have fabricated nanorattles consisting of Au/Ag alloy cores and Au/Ag alloy shells by starting with Au/Ag alloy colloids as the initial template. We have also prepared multiple-walled nanoshells/nanotubes (or nanoscale Matrioshka) with a variety of shapes, compositions, and structures by controlling the morphology of the template and the precursor salt used in each step of the replacement reaction. There are a number of interesting optical features associated with these new core/shell metal nanostructures. For example, nanorattles made of Au/Ag alloys displayed two well-separated extinction peaks, a feature similar to that of gold or silver nanorods. The peak at approximately 510 nm could be attributed to the Au/Ag alloy cores, while the other peak was associated with the Au/Ag alloy shells and could be continuously tuned in the spectral range from red to near-infrared.