We present a fully microscopic study of the interfacial thermodynamics of nanodrops and nanobubbles, adsorbed on flat substrates with first-order wetting. We show that both nanodrops and nanobubbles are thermodynamically accessible in regions, demarcated by the spinodals of planar wetting films, with nanobubbles occupying a relatively bigger portion of the phase space. While nanodrops can be described as near-spherical caps of Laplace radius, the radius of nanobubbles is very different from the Laplace value. Additionally, nanobubbles are accompanied by a thin gas film adsorbed on the substrate. By computing the interface binding potential, we relate the sphericity of nanodrops to the thin–thick liquid film coexistence (prewetting transition), whereas nanobubble shapes are determined only by the decay of the fluid–substrate forces.