Lanthanide oxysulfide nanoparticles have recently attracted interest in view of their potential applications, such as lighting devices and MRI contrast agents, which requires a good stability in air and a controlled surface. In order to address these issues, in this work, air-sensitive Ce2O2S nanoparticles of hexagonal shape were successfully prepared and characterized under inert conditions. Bimetallic Gd2(1–y)Ce2yO2S nanoparticles of similar shape and size were also synthesized for the whole composition range (y from 0 to 1). X-ray diffraction structural data are found to follow Vegard’s law up to y = 0.4, which is attributed to the loss of stability in air of Ce-rich nanocrystals beyond this threshold. This picture is supported by X-ray absorption spectra taken at the S K-edge and Ce L3-edge that show the partial oxidation of sulfide species and of CeIII to CeIV in the presence of air or water. A complementary near-ambient-pressure X-ray photoelectron spectroscopy study shows that at least two types of oxidized sulfur species form on the nanoparticle surface. Even in Gd2O2S nanoparticles that are generally considered to be air-stable, we found that sulfide ions are partially oxidized to sulfate in air. These results unveil the physicochemical mechanisms responsible for the surface reactivity of lanthanide oxysulfides nanoparticles in air.