The monodispersed FeCo nanoparticles were synthesized with borohydride as a reducing agent by coprecipitation method in aqueous solution. The composition and the size of FeCo nanoparticle was controlled by fitting the molar ratio of starting material, the reaction time and the falling rate. To prepare the crystallized nanoparticles, the amorphous FeCo nanoparticles were annealed at the different temperatures for 1 hr, respectively. The size of the crystalline FeCo nanoparticles was controlled in order to maintain the uniform size of 20 nm. The as-annealed FeCo alloy could get the highest Ms value of the powder which has been ever synthesized by coprecipitation or other chemical method. The size- and shape-controlled crystalline FeCo nanoparticles can be applied for spring magnet in order to get exchange coupling effect.