Fe-Co nanocomposite powders with different composition were prepared by chemical vapor condensation (CVC) process and their characterizations were studied by means of X-ray diffraction, transmission electron microscopy, and vibrating sample magnetometer. The particles having the mean size of 5~25 nm consisted of metallic cores and oxide shells. The Co contents and particle size increased with increasing the carrier gas flow rate of Co precursor. The saturation magnetization and coercivity increased with increasing Co content. and the saturation magnetization maximized at the 40 wt.%Co. The Fe-Co nanocomposite powder oxidized at showed the maximum coercivity of 1739 Oe.