Herein, we report the synthesis of spherical gold nanoparticles with tunable core size (23–79 nm) in the presence of polyethylene glycol‐g‐polyvinyl alcohol (PEG‐g‐PVA) grafted copolymer as a reducing, capping, and stabilizing agent in a one‐step protocol. The resulted PEG‐g‐PVA‐capped gold nanoparticles are monodispersed with an exceptional colloidal stability against salt addition, repeated centrifugation, and extensive dialysis. The effect of various synthesis parameters and the kinetic/mechanism of the nanoparticle formation are discussed.