FePt binary-alloy nanopowder has been successfully synthesized by chemical vapor condensation process with two metal organic precursors, i.e., iron pentacarbonyl and platinum acetylacetonate. Average particle size of the powder was less than 50 nm with very narrow size distribution, revealing high dispersion capability. Characteristics of the powder could be controlled by changing process parameters such as reaction temperature, chamber pressure, as well as gas flow rate. Magnetic properties of the synthesized FePt nanopowder were investigated and analyzed in terms of the powder characteristics.