Dispersions of cerium oxide nanoparticles in water, ethanol, and water-ethanol solution were synthesized for the first time using laser ablation of metallic target. The fundamental harmonic of nanosecond Nd:YAG laser was used. Nanocrystalline powders of cerium oxide were obtained from the dispersions. The average size of the crystallites was 17-19 nm. Phase composition of nanoparticles was confirmed by X-ray diffraction and Raman spectroscopy. It was found that carbon present on the surface of CeO2 particles. The materials obtained may be used as catalyst carriers for CO oxidation, and as active components of sunscreen cosmetic products.