Novel silver nanoparticles/polyaniline composites were obtained through a two-phase water/toluene interfacial reaction. We show that by rigorously controlling the reaction time, different structures of the nanocomposites can be obtained, such as a thin sheet of polyaniline around the silver nanoparticles or a polymer mass with nanoparticles homogeneously embedded within it. Samples were characterized by FT-IR, UV-vis-NIR and Raman spectroscopy, X-ray diffraction, cyclic voltammetry, TEM, and HRTEM. Conductivity and current-voltage characteristics of the nanocomposites were measured, and the results indicate that different properties result from the different structures in which the nanocomposites were formed.