Fe1-xCox(x = 0.1, 0.15, 0.2, 0.25, 0.3 and 0.5) powders were prepared by different milling-annealing treatments, and magnetic properties were investigated based on microstructure. Elevated heating times led to an increase in crystallite size, and decrease in lattice parameter. Up to 20 min annealing, series 3 powders showed a decrease in microstrain 2.5 times more than series 2. The coercivity (H-c) of 1-step milled and 60 min annealed Fe50Co50 alloys decreased rigorously from 60 Oe to 19 Oe due to strain relief (from 0.3% to 0.08%) and grain growth (from 30 nm to 40 nm). For series 2 alloys, the H-c (up to 60 min heating) increased from 72 Oe to 90 Oe, and decreased (up to 100 min heating) to 70 Oe. Compared to series 1, extra milling treatment of series 2 causes an increase in magnetization saturation (M-s) due to completion of alloying and grain refinement. Also, compared to series 2, extra annealing treatment for series 3 resulted in larger values of M-s caused by stain relief. (C) 2013 Published by Elsevier B.V. on behalf of The Society of Powder Technology Japan. All rights reserved.