Crystalline nanometer-sized Cu2O and CuO particle formation was studied by vapor thermal decomposition of copper (II) acetylacetonate in a vertical laminar flow reactor at ambient pressure. Experiments were carried out at 3 furnace temperature profiles (maximum values of tfurn = 432,596, 705°C) and with 2 carrier gases (oxygen/nitrogen with mixture ratios of 0.5/99.5 and 10.0/90.0). The results of computational fluid dynamics simulations are presented. The introduction of oxygen into the system was found to increase the decomposition rate and removed impurities from particles. The size of produced primary particles varied from 10 to 200 nm. Particle crystallinity was found to depend on both the oxygen concentration and the furnace temperature. A model taking into account the detailed chemical reaction mechanisms during the particle formation is proposed. The model allows one to build a dynamic phase diagram of the condensed products formed during the decomposition and is in good agreement with the experimental results.