Co-Pb nanowire arrays with an average diameter of 20 nm and lengths up to several micrometers were grown in ordered anodic alumina templates using AC electrodeposition. The as-deposited samples were annealed at different temperatures. The structure and magnetic properties of Co-Pb nanowires were analyzed by X-ray diffraction and a vibrating sample magnetometer. We found that the sample annealed at 700 degreesC had large erpendicular coercivity Hc (as high as 2660 Oe) and high squareness (M-R/M-S) (about 0.97), which was much larger than that of pure Co nanowires annealed at 700 degreesC (2170 Oe, 0.9). The change in coercivity and squareness associated with the microstructure was discussed.