The synthesis of gold and silver nanoparticles by the blue-green algae Spirulina platensis for medical purposes was studied. A complex of optical and analytical methods was used in order to characterize produced nanoparticles. It was shown that the extracellular formation of metal nanoparticles of spherical shape with sizes in the range between 8 and 40 nm (the average size of 20-30 nm) takes place. The characteristics of gold and silver nanoparticles in the Spirulina biomass were compared. The role of biosorption processes in the synthesis of nanoparticles was estimated by using equilibrium dialysis. A positive influence of sonication on the process of microbial synthesis and yield of nanoparticles were demonstrated. The neutron activation analysis and the atomic absorption spectrometry were applied for characterizing the dynamics of gold and silver nanoparticles formation in the Spirulina platensis biomass. The neutron activation analysis was used for studying the elemental content of the Spirulina platensis biomass.