Molybdenum blue dispersions were synthesized by reducing an acidic molybdate solution with glucose, hydroquinone and ascorbic acid. The influence of the H/Mo molar ratio on the rate of formation of molybdenum particles was established. For each reducing agent, were determined the rate constant and the order of the particle formation and were established the conditions for the formation of aggregative stable dispersion with the maximum concentration of particles. The dispersed phase is represented by toroidal molybdenum oxide nanoclusters, which was confirmed by the results of UV/Vis, FTIR, XPS spectroscopy and DLS.