Hollow, porous, spherical metal-carbon composite particles, having nanostructures, are prepared from suitable precursor solutions containing metal-organic ligand coordination complexes with template. Such precursors may be made for each elemental metal to be in the spherical particles. The precursor solution is atomized as an aerosol in an inert gas stream and the aerosol stream heated to decompose the organic ligand portion of the precursor leaving the spherical metal-carbon composite or metal alloy-carbon composite particles. The organic ligand serves as a structure directing agent in the shaping of the spherical particles after the ligand has been removed. Other materials may also be used as permanent or removed templates. The morphology of the particles may be altered for an application by varying the preparation and composition of the metal precursor material, and the optional use of a template.